OSHKOSH, Wis. — Jan. 7, 2009 — Oshkosh Defense, a division of Oshkosh Corporation (NYSE:OSK), has been awarded a delivery order to an existing contract with Marine Corps Systems Command for more than 425 next-generation Logistics Vehicle System Replacements (LVSR) and more than 170 add-on armor kits. The contract order, valued at $176 million, will transition the LVSR Cargo variants from low-rate initial production into full-rate production and also calls for more than 270 weapon-mount kits.
With improved survivability, mobility and performance, the next-generation LVSR expands on the original Logistics Vehicle System (LVS) produced by Oshkosh in the early 1980s. The LVSR variants produced under this delivery order include cargo, wrecker and fifth-wheel trucks. Under the delivery order, the company also will provide add-on armor “B” kits, which are separate from the factory-installed integral (“A” kit) armor and can be applied in the field. The LVSR will have parts and maintenance commonality with the Oshkosh Defense Medium Tactical Vehicle Replacement (MTVR), which will streamline vehicle service and support.
“With the multitudes of challenges and uncertainties that can exist on the battlefield, we must supply our Marines with heavy-payload vehicles they can rely on for operational effectiveness and superior survivability,” said John Stoddart, Oshkosh Corporation executive vice president and president, Defense. “The Oshkosh LVSR builds on the already-successful LVS by integrating an armor system and such technologies as Oshkosh’s TAK-4® independent suspension system for improved off-road performance.”
The Oshkosh LVSR truck will be used by the U.S. Marine Corps for the on- and off-road transportation of heavy payloads, such as munitions, fuel, water and heavy equipment. The LVSR truck comes in three variants and features an on-road payload capacity of 22.5 tons and an off-road payload capacity of 16.5 tons.
About Oshkosh Defense
Oshkosh Defense, a division of Oshkosh Corporation, is an industry-leading global designer and manufacturer of tactical military trucks and armored wheeled vehicles, delivering a full product line of conventional and hybrid vehicles, advanced armor options, proprietary suspensions and vehicles with payloads that can exceed 70 tons. Oshkosh Defense provides a global service and supply network including full life-cycle support and remanufacturing, and its vehicles are recognized the world over for superior performance, reliability and protection. For more information, visit oshkoshdefense.com.
About Oshkosh Corporation
Oshkosh Corporation is a leading designer, manufacturer and marketer of a broad range of specialty access equipment, commercial, fire & emergency and military vehicles and vehicle bodies. Oshkosh Corp. manufactures, distributes and services products under the brands of Oshkosh®, JLG®, Pierce®, McNeilus®, Medtec®, Jerr-Dan®, BAI®, Oshkosh Specialty Vehicles, Frontline™, SMIT™, Geesink™, Norba™, Kiggen™, CON-E-CO®, London® and IMT®. Oshkosh products are valued worldwide in businesses where high quality, superior performance, rugged reliability and long-term value are paramount. For more information, log on to www.oshkoshcorporation.com.
• TAK-4 is a registered trademark of Oshkosh Corporation.
Forward-looking Statements
This press release contains statements that the Company believes are “forward-looking statements” within the meaning of the 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 “may,” “should,” “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 which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the consequences of the Company’s financial leverage position, especially given turmoil in the credit markets, and the level of associated borrowing costs; the Company’s ability to maintain compliance with financial covenants in its credit agreement; the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, especially during a global economic downturn and credit crisis; the Company’s ability to offset higher steel and raw material costs through other cost decreases or product selling price increases; risks related to reductions in government expenditures and the uncertainty of government contracts; risks associated with international operations and sales, including foreign currency fluctuations; and the Company’s ability to turn around its Geesink Norba Group business. Additional information concerning these and other factors is contained in the Company’s filings with the Securities and Exchange Commission.
