OSHKOSH, Wis. — April 21, 2009 — Oshkosh Defense, a division of Oshkosh Corporation (NYSE:OSK), has received separate orders from the Marine Corps System Command (MARCORSYSCOM) and the Defense Logistics Agency (DLA) potentially totaling more than $21 million for armor installation and military vehicle components.
Under the delivery order with MARCORSYSCOM, Oshkosh will install more than 440 reducible-height armor kits on cargo, dump and tractor variants of the Medium Tactical Vehicle Replacement (MTVR) and armor kits on MTVR wrecker variants. The total value of this award is more than $10 million and work is expected to be completed by May 31, 2010.
The Oshkosh MTVR is an all-terrain, multipurpose logistics vehicle used by the Marines and Navy Seabees. Oshkosh offers 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 contract with the DLA is for axle assemblies for the Heavy Expanded Mobility Tactical Truck (HEMTT). The minimum order amount under this contract exceeds $700,000 with a five-year maximum of more than $11 million. Oshkosh Defense provides aftermarket service, repair and parts distribution to its customers around the world. With factory-trained technicians, Web-based parts support and service centers worldwide, customers are covered 24/7 whether their vehicles are in the field or in garrison.
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.
®, ™ 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 consequences of financial leverage associated with the JLG acquisition; a deterioration or downgrade in credit agency ratings; the amount of the second quarter impairment charge pursuant to SFAS No. 142; the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, especially during a global recession and credit crisis; the Company’s ability to obtain cost reductions on steel and other raw materials following sharp cost increases in 2008, obtain other cost decreases or achieve product selling price increases; the duration of the global recession and its adverse impact on the Company’s share price, 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 and the uncertainty of government contracts; risks associated with international operations and sales, including foreign currency fluctuations; the Company’s ability to turn around its Geesink business; risks related to the collectability of receivables during a recession, especially access equipment receivables; 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.
