OSHKOSH, Wis. — Dec. 22, 2008 — Oshkosh Defense, a division of Oshkosh Corporation (NYSE:OSK), has been awarded a contract modification with the U.S. Army Tank-automotive and Armaments Command (TACOM) to recap approximately 30 Common Bridge Transporter (CBT) variants of the Oshkosh Heavy Expanded Mobility Tactical Truck (HEMTT).
The order is a modification to the Family of Heavy Tactical Vehicles (FHTV) contract and is valued at $5 million. Under the modification, Oshkosh Defense will tear down the 10-year-old A0 configuration CBT HEMTTs and recapitalize them into Oshkosh’s current HEMTT® A2 Load Handling System (LHS) models. The new vehicles will feature computer-controlled engines and transmission systems, as well as a lighter load handling system.
Through Oshkosh’s remanufacturing and recapitalization services, heavily used vehicles are returned to Oshkosh, stripped to their frame rails and completely rebuilt to like-new condition. Vehicles receive the latest upgrades and are considered to have zero miles and zero hours, at no more than 75 percent the cost of a new vehicle. Vehicles are put through the same road tests, performance tests and inspection procedures as new vehicles before being delivered with a standard bumper-to-bumper warranty.
The HEMTT’s 13-ton payload and off-road capabilities make it the backbone for the U.S. Army’s logistics fleet. Since its introduction in 1985, the HEMTT has helped keep the Army on the move during major conflicts such as Operations Desert Storm and Iraqi Freedom. The HEMTT’s recent improvements to create the new A4 include a fully air-conditioned and armor-ready cab, more powerful drivetrain, improved suspension, safety improvements and other structural changes to make installation of add-on-armor in the field quicker and easier.
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 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.
• HEMTT is a registered trademark of Oshkosh Corporation.
Forward-Looking Statements
This press release contains statements that the Company believes are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including statements regarding the Company’s future financial position, business strategy, targets, projected sales, costs, earnings, capital spending and debt levels, and plans and objectives of management for future operations, are forward-looking statements. When used in this press release, words such as “may,” “should,” “expects,” “intends,” “estimates,” “anticipates,” or “believes” and similar expressions 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 the Company’s financial leverage position, especially given recent turmoil in the credit markets, and the level of associated borrowing costs; the Company’s ability to maintain compliance with financial covenants in its credit agreement; the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, especially during a global economic downturn and credit crisis; the Company’s ability to offset higher steel and raw material costs through other cost decreases or product selling price increases; risks related to reductions in government expenditures and the uncertainty of government contracts; risks associated with international operations and sales, including foreign currency fluctuations; and the Company’s ability to turn around its Geesink Norba Group business. Additional information concerning these and other factors is contained in the Company’s filings with the Securities and Exchange Commission.
