OSHKOSH, Wis. (Nov. 8, 2010) – Oshkosh Defense, a division of Oshkosh Corporation (NYSE:OSK), today welcomed U.S. Army Under Secretary Dr. Joseph Westphal to the company’s Wisconsin campus. During his visit, Dr. Westphal addressed Oshkosh employees, toured the recently completed E-coat facility and drove an Oshkosh MRAP All-Terrain Vehicle (M-ATV) on the company’s test and development course.
“The work you do here is critical to the U.S. Army,” Dr. Westphal, the Army’s second-highest ranking civilian official, said in an address to Oshkosh employees. “I appreciate the opportunity to see your work first-hand, and thank you for your great support of the Army.”
Accompanying Dr. Westphal during his visit to the Oshkosh facilities were two U.S. soldiers – 1st Sgt. Mike Leonard and Pfc. Drew Miller – who were wounded in battle.
“It’s an honor to welcome Dr. Westphal and these brave soldiers to our facilities to meet our team and experience the innovative work underway to support the Army,” said Andy Hove, Oshkosh Corporation executive vice president and president of Oshkosh Defense. “We understand that U.S. soldiers depend on our vehicles and technologies to stay safe and ensure mission success on the battlefield. It’s a privilege to work every day to support the men and women serving our country.”
During his visit, Dr. Westphal emphasized the importance of the industrial base during these difficult economic times. “The Department of Defense and the U.S. Army are reducing defense spending and looking to industry partners like Oshkosh Defense to reach new levels of efficiency and cost savings.”
Dr. Westphal was sworn in as the 30th U.S. Army under secretary in September 2009. He previously served as provost, senior vice president for research and professor of environmental studies at The New School in New York City. Dr. Westphal served as the acting secretary of the Army in 2001 and as the assistant secretary of the Army for Civil Works from 1998 to 2001.
Oshkosh Defense designs and produces a broad range of military vehicles for the U.S. Army – from heavy equipment transporters to high-mobility, protected vehicles. In addition, Oshkosh provides complete vehicle life-cycle sustainment services including training, parts, supplies and in-theater maintenance support.
The M-ATV, which Oshkosh produces for the Army, Marine Corps, Navy and Air Force, delivers life-saving MRAP-level protection and uses the Oshkosh TAK-4® independent suspension system to overcome severe off-road terrain found in places like Afghanistan.
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 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.
Forward-Looking Statements
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 impact on revenues and margins of the decrease in M-ATV production rates; 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 Company’s ability to produce vehicles under the FMTV contract at targeted margins; 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. Department of Defense (DoD) procurement of products and services and funding thereof, especially in an environment when the U.S. government is operating under a Continuing Resolution budget action; 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 consequences of financial leverage, which could limit the Company’s ability to pursue various opportunities; the potential for commodity and other raw material costs to rise sharply, particularly in a future economic recovery; risks related to costs and charges as a result of facilities consolidation and alignment, including that anticipated cost savings may not be achieved; 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 delays arising from supplier quality or production issues; risks associated with international operations and sales, including foreign currency fluctuations and compliance with the Foreign Corrupt Practices Act; risks related to work stoppages and other labor matters; the potential for disruptions or cost overruns in the Company’s global enterprise system implementation; the potential for increased costs relating to compliance with changes in laws and regulations; and risks related to disruptions in the Company’s distribution networks. 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.
