Oshkosh to Modernize U.S. Marine Corps Extendable Boom Forklifts
OSHKOSH, Wis. (July 24, 2015) — Marine Corps Systems Command has awarded Oshkosh Defense, LLC, an Oshkosh Corporation (NYSE: OSK) company, a $54 million contract to modernize its fleet of Extendable Boom Forklifts (EBFL). Deliveries will begin in 2016.
Oshkosh was awarded the EBFL contract in September 2014.Since that time, Oshkosh has successfully completed all required government development testing and evaluation and readiness reviews required to move the program into production.
In addition to installing enhancements to the EBFL systems under this contract, Oshkosh will provide armored cabs, initial fielding spare parts kits and training classes for Marines focusing on the modernized changes to the EBFL. Training will be conducted at designated locations to support Marines worldwide.
“The Oshkosh modernized EBFL delivers the protection, loading functionality and sustainment that the Marine Corps needs to optimize their expeditionary forklift fleet,” said U.S. Marine Corps Colonel (Retired), John Bryant, senior vice president of defense programs at Oshkosh Defense. “Oshkosh is proud to provide vehicles with enhanced capabilities and better protection that our troops deserve.”
As the original equipment manufacturer of the EBFL, Oshkosh is uniquely qualified to provide several design augmentations without sacrificing the cost or useful life of the vehicle.
Oshkosh Defense has sustained a wide range of military vehicle fleets over their full life cycle. In fact, Oshkosh has remanufactured more than 12,000 heavy and medium tactical wheeled vehicles for the U.S. military since 1960. The Oshkosh modernization process includes comprehensive vehicle inspection procedures, a proven quality management system, the same rigorous assembly processes applied to new vehicles, and the latest technology upgrades to extend the useful life of the fleet.
The EBFL Modernization contract awarded in September 2014 to Oshkosh is a maximum $99 million firm-fixed-price, indefinite-delivery/indefinite-quantity contract. All work will be performed in Oshkosh, Wisconsin and is expected to be completed by September 2019.
About Oshkosh Defense
Oshkosh Defense is a leading provider of tactical wheeled vehicles and life cycle sustainment services. For decades Oshkosh has been mobilizing military and security forces around the globe by offering a full portfolio of heavy, medium, light and highly protected military vehicles to support our customers’ missions. In addition, Oshkosh offers advanced technologies and vehicle components such as TAK-4® independent suspension systems, TerraMax® unmanned ground vehicle solutions, Command Zone™ integrated control and diagnostics system, and ProPulse® diesel electric and on-board vehicle power solutions, to provide our customers with a technical edge as they fulfill their missions. Every Oshkosh vehicle is backed by a team of defense industry experts and complete range of sustainment and training services to optimize fleet readiness and performance. Oshkosh Defense, LLC is an Oshkosh Corporation company [NYSE: OSK].
To learn more about Oshkosh Defense, please visit us at 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 Corporation manufactures, distributes and services products under the brands of Oshkosh®, JLG®, Pierce®, McNeilus®, Jerr-Dan®, Frontline™, 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, please visit www.oshkoshcorporation.com.
®, TM 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 the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, which are particularly impacted by the strength of U.S. and European economies; the strength of emerging market growth and projected adoption rates of work at height machinery; the expected level and timing of DoD and international defense customer procurement of products and services and funding thereof; risks related to reductions in government expenditures in light of U.S. defense budget pressures, sequestration and an uncertain DoD tactical wheeled vehicle strategy, including the Company’s ability to successfully manage the cost reductions required as a result of lower customer orders in the defense segment; the Company’s ability to win a U.S. JLTV production contract award and international defense contract awards; the Company’s ability to increase prices to raise margins or offset higher input costs; increasing commodity and other raw material costs, particularly in a sustained economic recovery; risks related to facilities consolidation and alignment, including the amounts of related costs and charges and that anticipated cost savings may not be achieved; global economic uncertainty, 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 Company or equity market expectations; risks related to the collectability of receivables, particularly for those businesses with exposure to construction markets; the cost of any warranty campaigns related to the Company’s products; risks related to production or shipment delays arising from quality or production issues; risks associated with international operations and sales, including foreign currency fluctuations and compliance with the Foreign Corrupt Practices Act; the Company’s ability to comply with complex laws and regulations applicable to U.S. government contractors; the impact of severe weather or natural disasters that may affect the Company, its suppliers or its customers; cyber security risks and costs of defending against, mitigating and responding to a data security breach; and risks related to the Company’s ability to successfully execute on its strategic road map and meet its long-term financial goals. Additional information concerning these and other factors is contained in the Company’s filings with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this press release. The Company assumes no obligation, and disclaims any obligation, to update information contained in this press release. Investors should be aware that the Company may not update such information until the Company’s next quarterly earnings conference call, if at all.
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