OSHKOSH, Wis. (May 24, 2011) — Oshkosh Defense, a division of Oshkosh Corporation (NYSE:OSK), will deliver more than 200 Logistics Vehicle System Replacement (LVSR) tractors and nearly 70 LVSR wreckers following an order from the U.S. Marine Corps Systems Command (MARCORSYSCOM). These will be the first full-rate production tractor and wrecker variants, complementing the LVSR cargo variants that have been supporting Marines in Afghanistan since September 2009.
“The LVSR tractors and wreckers allow Marines to navigate some of their heaviest equipment through the most challenging off-road terrain,” said John Bryant, vice president and general manager of Marine Corps Programs for Oshkosh Defense. “In addition to optimizing mobility, the LVSR incorporates technology that provides sophisticated on-board diagnostics information and integrated armor for superior protection. Oshkosh is pleased to support Marine Corps missions with these innovative and highly protected tractors and wreckers.”
The LVSR tractor is designed to haul combat vehicles, semi-trailers and other equipment. It has a fifth-wheel vertical-loading capacity of 25.3 tons and a recovery winch with a 30-ton capacity. The LVSR wrecker supports vehicle recovery in a wide range of terrain – from deserts to mountains – including sand, mud, water and snow. The heavy-payload vehicle can flat tow vehicles weighing as much as 55 tons as well as lift and tow vehicles weighing as much as 48 tons.
The advanced LVSR is produced in three variants – cargo, wrecker and tractor – and features an on-road payload capacity of 22.5 tons and an off-road payload capacity of 16.5 tons. It is equipped with the Oshkosh Command Zone™ embedded diagnostics system to provide real-time performance feedback on vital vehicle information and uses the company’s patented TAK-4® independent suspension system for off-road mobility in the most challenging environments.
LVSR tractor and wrecker production is scheduled to begin in January 2012 and be completed in September 2012. The order is valued at nearly $125 million.
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, tight credit markets and lower municipal spending; the Company’s ability to produce vehicles under the FMTV contract at targeted margins and at required volumes to receive and sustain performance-based payments; 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; 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; increasing commodity and other raw material costs, particularly in a sustained economic recovery; the ability to pass on to customers price increases to offset higher input costs; 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, especially in light of the significant recent earthquake and subsequent tsunami in Japan; 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, especially in light of the pending contract expiration for union employees at the Company’s Oshkosh defense facilities; 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.
