OSHKOSH, Wis. (July 17, 2014) — Oshkosh Defense, an Oshkosh Corporation (NYSE: OSK) company, announced today it has successfully completed 200,000 miles for Reliability, Availability, Maintainability (RAM) testing for the Joint Light Tactical Vehicle (JLTV) Engineering and Manufacturing Development (EMD) contract. Concurrently, Oshkosh received the draft Request for Proposal (RFP) for the JLTV Production contract, which is a limited competition.
During the JLTV EMD contract, the Oshkosh Light Combat Tactical All-Terrain Vehicle (L-ATV) successfully completed every program milestone to date – the latest of which is RAM testing. The company began the EMD phase by delivering 22 fully integrated JLTV prototypes on time to the Government in August 2013. The EMD phase includes 14 months of robust military testing, training and support through November 2014.
“The nature of warfare has changed, and future battlefields will bring an unpredictable combination of terrain, tactics and threats,” said U.S. Army Major General (Retired), John Urias, Oshkosh Corporation executive vice president and president, Oshkosh Defense. “The JLTV program fills a critical capability gap between the HMMWV and larger MRAP vehicles in service today. The Oshkosh JLTV solution will equip our troops with a new generation of off-road mobility and protection they need to accomplish their missions.”
In preparation for the Production phase, the company produced its JLTV EMD prototypes on an active and proven production line, alongside its MRAP All-Terrain Vehicle (M-ATV), Family of Heavy Tactical Vehicles (FHTV), Family of Medium Tactical Vehicles (FMTV) and other platforms. Using lean processes, flexible assembly lines and rigorous quality checks, Oshkosh has a history of delivering tactical wheeled vehicles on schedule and with industry-leading quality.
“Oshkosh is prepared to begin JLTV low rate initial production immediately should the company be awarded the production contract,” said Urias. “We believe that no other light tactical vehicle platform offers a comparable combination of proven technology, systems integration and manufacturing readiness at an affordable cost.”
The Oshkosh L-ATV’s lightweight, compact design leverages 10 years of research and development, as well as field operating experience during the conflicts in Iraq and Afghanistan to provide unprecedented protection, off-road mobility, maneuverability and speed. The Oshkosh L-ATV merges key design elements of highly survivable combat vehicles and off-road tactical vehicles to operate in a range of threat levels and terrains. Independent off-road testing proves that the L-ATV provides superior ride quality at speeds 70 percent faster than today’s top performing tactical wheeled vehicles.
About Oshkosh Defense
Oshkosh Defense is a leading provider of tactical wheeled vehicles and life cycle sustainment services. For more than 90 years, 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 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.
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 cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, especially with the current outlook for U.S. and European economic recoveries; the strength of emerging market growth and projected adoption rate 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 the significant projected decrease in sales levels in the defense segment; the Company’s ability to win a U.S. Joint Light Tactical Vehicle production contract award; 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; the duration of the ongoing 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; 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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