OSHKOSH, Wis. – April 21, 2010 – Oshkosh Defense, a division of Oshkosh Corporation (NYSE:OSK), announced today it has received an award valued at more than $44 million, but not to exceed more than $89 million, from the U.S. Marine Corps Systems Command (MARCORSYSCOM) for more than 5,750 upgrade kits for the Medium Tactical Vehicle Replacement (MTVR). Work is expected to be completed in September 2010.
Oshkosh will deliver more than 950 weapons-mount kits that allow the installation of motorized Marine Corps Transparent Armor Gun Shields (MCTAGS), which replace the gunner protection kits on up-armored vehicles. Oshkosh Defense also will supply 2,000 door-upgrade kits to support MTVR non-reducible-height armor kits used on trucks that were armored in 2005 to 2007. The kits will make the doors common with those on MTVRs using the reducible-height armor kits, which Oshkosh began producing in 2008.
Additionally, Oshkosh will deliver MTVR Troop Carrier upgrades. This upgrade includes 800 dual-ladder kits, which can be installed in place of single ladders for improved ingress and egress, as well as more than more than 1,000 seatbelt kits to support the Troop Carrier’s occupants and more than 1,000 lift-point kits for improved transportability. The MTVR Troop Carriers and non-reducible-height armor kits were developed and installed on vehicles beginning in 2005 following an urgent need from the field.
The Oshkosh® MTVR is an all-terrain, multipurpose tactical vehicle used by the Marines and Navy Seabees. The MTVR is available in several variants for the transportation of troops, materials or equipment. The vehicle features an off-road 7.1-ton payload capacity and an on-road 15-ton payload capacity. The vehicle uses the Oshkosh-patented TAK-4® independent suspension system, which has undergone more than 500,000 miles of government testing and helps the vehicle achieve a 70 percent off-road profile capability. Oshkosh has delivered more than 10,000 MTVRs.
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®, 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, log on to 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 risks related to sustaining the required rate of production for the M-ATV contract and the amount, if any, of additional orders for M-ATVs that the Company may receive; the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, especially during a global recession and tight credit markets; the duration of the global recession, 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, the potential for the government to competitively bid the Company’s Army and Marine contracts and the uncertainty of government contracts generally; 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 during a recession, 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, including in a future economic recovery; risks associated with international operations and sales, including foreign currency fluctuations; 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. 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.
