Oshkosh Receives $122 Million Order to Provide TAK-4 Independent Suspension System for MRAPs
OSHKOSH, Wis. — April 9, 2009 — Oshkosh Corporation (NYSE:OSK) announced today that its Defense business received a $122 million order to supply its TAK-4® independent suspension system for Mine Resistant Ambush Protected (MRAP) vehicles. The supply order was issued by Force Protection Incorporated (FPI) as a result of a contract action from the MRAP Joint Program Office (JPO). The order will equip MRAP 4×4 and 6×6 axle configuration vehicles with the Oshkosh® TAK-4 system for improved off-road mobility.
Under the purchase order, Oshkosh will provide the military with its patented TAK-4 independent suspension upgrade kits for installation on existing MRAP vehicles. This same innovative Oshkosh independent suspension system is featured on over 10,000 Medium Tactical Vehicle Replacement (MTVR) chassis for the U.S. Marine Corps. The MTVR is renowned for its survivability and off-road capability in severe environments, including conducting missions on Afghanistan’s rugged terrain while maintaining high readiness rates.
“The Oshkosh TAK-4 system has undergone more than 400,000 miles of government durability testing and will significantly improve the off-road mobility of MRAP vehicles. We are proud that our suspension system has been recognized for its strength and durability, while enhancing vehicle mobility in the toughest terrain,” said Robert Bohn, Oshkosh Corporation chairman and chief executive officer. “We are committed to providing our military customers with the most advanced vehicles and technologies to best serve the Warfighters in the field.”
The Department of Defense is continuing to evaluate the Oshkosh TAK-4 system for suitability on additional MRAP models. The Nevada Automotive Test Center (NATC) and MRAP JPO tested early-fielded MRAPs upgraded with TAK-4 and determined the enhancement significantly improved the vehicle’s mobility. Based on this successful testing, Oshkosh worked with FPI to develop a field installable kit to upgrade the vehicle.
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®, 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.
®, ™ 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 consequences of financial leverage associated with the JLG acquisition; a deterioration or downgrade in credit agency ratings; the amount of the second quarter impairment charge pursuant to SFAS No. 142; the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, especially during a global recession and credit crisis; the Company’s ability to obtain cost reductions on steel and other raw materials following sharp cost increases in 2008, obtain other cost decreases or achieve product selling price increases; the duration of the global recession and its adverse impact on the Company’s share price, 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 and the uncertainty of government contracts; risks associated with international operations and sales, including foreign currency fluctuations; the Company’s ability to turn around its Geesink business; risks related to the collectability of receivables during a recession, especially access equipment receivables; 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.
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