OSHKOSH, Wis. (March 24, 2005) – Oshkosh Truck Corporation (NYSE:OSK), a leading manufacturer of specialty trucks and truck bodies, announced today that the U.S. Navy has awarded the company a contract to begin production of a new military tractor-trailer. The vehicle is based on the combat-proven Medium Tactical Vehicle Replacement (MTVR) chassis and can tow 47 tons. The contract is valued at $23.9 million and covers 92 vehicles. Production is scheduled to begin in August 2005.
“The MTVR has been deployed continuously to both Iraq and Afghanistan.” says John Stoddart, Oshkosh executive vice-president and president defense. “This vehicle has demonstrated time and again the ability to support the military in those combat environments. Oshkosh MTVR variants are allowing the Navy and Marine Corps to field proven performance and technology across their medium vehicle fleets.”
There are currently five variants of the MTVR in service, including two cargo variants, a wrecker version, a dump truck version and, now, the tractor. With components such as Oshkosh’s proprietary TAK-4(R) independent suspension, rear-wheel steering, and a 425 hp engine, the new tractor provides capability standard over-the-road line-haul tractors cannot. The MTVR tractor will also reduce logistics requirements for the U.S. Navy, since it has parts commonality with other MTVR variants that have already been fielded by the Navy Seabees.
Oshkosh Truck Corporation (NYSE:OSK) is a leading manufacturer of specialty trucks and truck bodies for the defense, fire and emergency, concrete placement and refuse hauling markets. Oshkosh Truck is a Fortune 1000 company with products marketed under the Oshkosh(R), Pierce(R), McNeilus(R), Medtec(R), Geesink, Norba and Jerr-Dan(R) brand names. The company is headquartered in Oshkosh, Wis., and had annual sales of $2.3 billion in fiscal 2004. To learn more about Oshkosh Truck Corporation, visit its web site at www.oshkoshtruckcorporation.com
Forward-Looking Statements
This press release contains statements that the company believes are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including statements regarding the company’s future financial position, business strategy, targets, projected sales, costs, earnings, capital spending and debt levels, and plans and objectives of management for future operations, are forward-looking statements. When used in this press release, words such as the company “expects,” “intends,” “estimates,” “anticipates,” or “believes” and similar expressions are generally intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond the company’s control, that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include, without limitation, risks related to reductions in government expenditures, the uncertainty of government contracts and the possibility that expected cost savings will not be achieved nor future plans realized. Additional information concerning these and other factors is contained in the company’s filings with the Securities and Exchange Commission.
CONTACT: Oshkosh Truck Corporation
Charlie Szews (Financial), 920-233-9332
or
Kirsten Skyba (Media), 920-233-9621
