U.S. Army Orders Next-Generation Heavy Hauler from Oshkosh Defense
OSHKOSH, Wis. (Oct. 6, 2010) — Oshkosh Defense, a division of Oshkosh Corporation (NYSE:OSK), has been awarded its first production order for the newest configuration of the Heavy Equipment Transporter (HET) from the U.S. Army. The Oshkosh® HET A1 features design improvements to provide a more powerful vehicle fleet. It is a part of the Army’s Family of Heavy Tactical Vehicles (FHTV), produced by Oshkosh Defense, which also includes the Heavy Expanded Mobility Tactical Truck (HEMTT) A4 and the Palletized Load System (PLS) A1.
“The production of the HET A1 marks the completion of a series of enhancements made to the Army’s heavy fleet,” said Mike Ivy, vice president and general manager of Army Programs for Oshkosh Defense. “By listening to our customer’s needs, Oshkosh engineers integrated new technologies in the upgraded HEMTT A4, PLS A1 and now the HET A1 that improve their operational capabilities and survivability.”
The Oshkosh HET, often paired with the M1000 heavy-duty trailer, is designed to rapidly transport battle tanks, fighting and recovery vehicles, armored vehicles, and construction equipment, as well as their crews, so they arrive in mission-ready condition. The latest Oshkosh HET A1 configuration includes increased horsepower, higher capacity front suspension, electrical upgrades, improved diagnostics and air conditioning standard.
This delivery order is for more than 1,000 vehicles and is valued at nearly $440 million. Production will take place in Oshkosh, and is scheduled for completion in June 2012.
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 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.
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.
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