Oshkosh Defense Awarded $11 Million for In Theater MRAP Support
OSHKOSH, Wis. — April 15, 2010 — Oshkosh Defense, a division of Oshkosh Corporation (NYSE:OSK), announced today that it has received a purchase order for more than $11 million from Force Protection Industries, Inc. (FPII) (NASDAQ: FRPT) to extend an existing contract and retain approximately 100 Oshkosh field service representatives (FSR) in Kuwait for an additional four months. The FSRs will continue support of FPII and the military with installation of the Oshkosh TAK-4® independent suspension systems on FPII Mine Resistant Ambush Protected (MRAP) vehicles, known as Cougars, which started in July 2009. The extension will allow Oshkosh FSRs to continue work in Kuwait through June of this year.
Oshkosh Defense is working with multiple manufacturers of legacy MRAPs and has received orders to retrofit more than 2,500 vehicles with the Oshkosh TAK-4 independent suspension systems. Vehicles outfitted with the TAK-4 system have greater mobility with 16 inches of independent wheel travel to provide advanced off-road capabilities necessary for Afghanistan’s mountainous terrain and unimproved roads. The system also greatly reduces shock and vibration, resulting in longer component life and less wear-and-tear on soldiers and Marines so they can be better prepared for their missions.
“We’ve had great success in retrofitting legacy MRAPs with our TAK-4 independent suspension system, enabling the military’s current fleet to deliver exceptional off-road performance and crew comfort,” said Andy Hove, Oshkosh Corporation executive vice president and president, Defense. “These improvements allow our troops to operate in Afghanistan’s extreme environments, so it’s important to get these upgrades in the field as fast as possible. Our FSRs allow us to move quickly by working in theater with our troops, bringing Oshkosh technology and support directly to our warfighters.”
The Oshkosh TAK-4 independent suspension system has undergone more than 500,000 miles of government testing and is used on the Oshkosh® MRAP All-Terrain Vehicle (M-ATV). The system also is featured on more than 10,000 Medium Tactical Vehicle Replacements (MTVR) used by the U.S. Marine Corps and Navy Seabees, as well as on the Army’s next-generation Palletized Load System (PLS) and the Marine Corps’ Logistics Vehicle System Replacement (LVSR).
Oshkosh FSRs are currently working in the United Kingdom, Egypt and Germany, in addition to FSRs deployed in Afghanistan, Kuwait and Iraq to provide in-field support and enhance military mobility.
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 www.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®, 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, log on to www.oshkoshcorporation.com.
About Force Protection, Inc.
Force Protection, Inc. is a leading designer, developer and manufacturer of survivability solutions, including blast- and ballistic-protected wheeled vehicles currently deployed by the U.S. military and its allies to support armed forces and security personnel in conflict zones. The Company’s specialty vehicles, including the Buffalo, Cougar and related variants, are designed specifically for reconnaissance and urban operations and to protect their occupants from landmines, hostile fire, and improvised explosive devices (IEDs, commonly referred to as roadside bombs). The Company also develops, manufactures, tests, delivers and supports products and services aimed at further enhancing the survivability of users against additional threats. In addition, the Company provides long-term life cycle support services of its vehicles that involve development of technical data packages, supply of spares, field and depot maintenance activities, assignment of highly-skilled field service representatives, and advanced on and off-road driver and maintenance training programs. For more information on Force Protection and its products and services, visit www.forceprotection.net.
®, ™ All brand names referred to in this news release are trademarks of Oshkosh Corporation or its subsidiary companies.
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 press release, 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 risks related to sustaining the required rate of production for the M-ATV contract and the amount, if any, of additional orders for M-ATVs that the Company may receive; the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, especially during a global recession and tight credit markets; the duration of the global recession, which could lead to additional impairment charges related to many of the Company’s intangible assets; the expected level and timing of U.S. Department of Defense procurement of products and services and funding thereof, risks related to reductions in government expenditures, the potential for the government to competitively bid the Company’s Army and Marine contracts and the uncertainty of government contracts generally; 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 during a recession, 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
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