OSHKOSH, Wis. (Sept. 13, 2010) – Oshkosh Defense, a division of Oshkosh Corporation (NYSE:OSK), will supply more than 2,000 Family of Medium Tactical Vehicles (FMTV) trucks and trailers to the U.S. Army under a new order from the Army TACOM Life Cycle Management Command (LCMC). The vehicles will be used to enhance Army unit mobility, transport soldiers and haul equipment weighing up to 5 tons in support of a wide range of tactical operations.
“Military testing of the Oshkosh-produced FMTVs is going well and provides confidence in our product quality,” said Mike Ivy, vice president and general manager of Army Programs for Oshkosh Defense. “Our successful work for the FMTV program is a testament to our unyielding commitment to supplying reliable, world-class systems without sacrificing the timely delivery our customer has come to expect from us.”
The FMTV is a series of 17 models ranging from 2.5-ton to 10-ton payloads. Vehicles feature a parts commonality of more than 80 percent, resulting in streamlined maintenance, training, sustainment and overall cost efficiency for the U.S. Army. FMTV trucks and trailers are vital to U.S. military operations both domestically and internationally, supporting combat operations, relief efforts, unit resupply and other functions.
The award, valued at more than $259 million, extends truck and trailer production deliveries until June 2012. The order includes more than 1,300 trucks, including eight different variants, and nearly 700 trailers. The five-year FMTV contract awarded to Oshkosh Defense is for the production of up to 23,000 trucks and trailers, as well as support services and training through fiscal 2014.
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 Corporation manufactures, distributes and services products under the brands of Oshkosh®, JLG®, Pierce®, McNeilus®, Medtec®, Jerr-Dan®, Oshkosh Specialty Vehicles, Frontline™, SMIT™, 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, visit www.oshkoshcorporation.com.
®, ™ All brand names referred to in this news release are trademarks of Oshkosh Corporation or its subsidiary companies.
Forward-Looking Statements
This press release contains statements that the Company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation, statements regarding the Company’s future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations, are forward-looking statements. When used in this presentation, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project” or “plan” or the negative thereof or variations thereon or similar terminology 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 impact on revenues and margins of the projected decrease in M-ATV production rates; the cost of any warranty campaigns related to the Company’s products; the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, especially during periods of global economic weakness and tight credit markets; the duration of the ongoing global economic weakness, which could lead to additional impairment charges related to many of the Company’s intangible assets and/or a slower recovery in the Company’s cyclical businesses than equity market expectations; the expected level and timing of U.S. DoD procurement of products and services and funding thereof; risks related to reductions in government expenditures in light of U.S. defense budget pressures and an uncertain DoD tactical wheeled vehicle strategy; the potential for the U.S. government to competitively bid the Company’s Army and Marine Corps contracts; the Company’s ability to start production under the FMTV contract at targeted margins; the consequences of financial leverage associated with the JLG acquisition, which could limit the Company’s ability to pursue various opportunities; risks related to the collectability of receivables, particularly for those businesses with exposure to construction markets; risks related to production delays as a result of the economy’s impact on the Company’s suppliers; the potential for commodity costs to rise sharply, particularly in a future economic recovery; risks related to costs and charges as a result of facilities consolidation and alignment; risks associated with international operations and sales, including foreign currency fluctuations and compliance with the Foreign Corrupt Practices Act; risks related to disruptions in the Company’s distribution networks; and the potential for increased costs relating to compliance with changes in laws and regulations. Additional information concerning these and other factors is contained in the Company’s filings with the Securities and Exchange Commission. The Company disclaims any obligation to update such forward-looking statements. All operating results included in this press release reflect results from continuing operations only. The operating results of Geesink B.V., Geesink Norba Limited and Norba A.B., (collectively, Geesink), which comprised the Company’s former European RCV business, and of the Company’s former European fire apparatus business, BAI Brescia Antincendi International S.r.l. (BAI), have been reclassified for all periods presented to discontinued operations due to the Company’s sale of these businesses in July 2009 and October 2009, respectively.
