OSHKOSH, Wis. – June 3, 2010 – Oshkosh Defense, a division of Oshkosh Corporation (NYSE:OSK), announced today that the company received an undefinitized award valued at more than $67 million to incorporate configuration changes to more than 420 MRAP All-Terrain Vehicle (M-ATV) variants for the U.S. Special Operations Command (SOCOM). The SOCOM-specific vehicle configuration changes will be cut in on Oshkosh manufacturing lines in August 2010. M-ATV SOCOM variants with these configuration changes are scheduled to be delivered between September and November 2010.
Oshkosh engineers have been working in tandem with SOCOM to develop an M-ATV variant to meet their unique mission needs. The M-ATV SOCOM variant features a modified cargo deck, intended to accept specialized equipment based on the requirements of each mission, as well as larger front windscreens for increased visibility. The rear storage is accessible through an armored cargo access hatch in the passenger capsule, which can seat five while operating a Common Remotely Operated Weapon Station (CROWS) or four with a gunner.
“The M-ATV SOCOM variant will give Special Forces the life-saving protection capabilities and superior off-road mobility that already have benefited U.S. operations in Afghanistan, in addition to delivering design changes specific to SOCOM’s needs,” said Ken Juergens, Oshkosh Corporation vice president and general manager, Defense – Joint Programs. “This new variant is a part of our continuous effort to expand our M-ATV family of vehicles to best serve the needs of the Warfighter and leverage fleet commonality.”
The SOCOM variant is the latest in the M-ATV family of vehicles and joins utility and ambulance variants recently developed by Oshkosh. Utility and ambulance M-ATVs were developed to help military operations provide resupply services and critical casualty care in unforgiving landscapes where tactical missions must operate.
The M-ATV was designed to provide superior off-road mobility for harsh mountainous terrain and unimproved road networks in places like Afghanistan. Oshkosh has received awards valued at more than $5 billion to date for 8,079 M-ATVs, as well as spare parts kits, upgrade kits and aftermarket support.
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 the impact on revenues and margins of the planned decrease in M-ATV production rates; 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 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 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 Corps contracts, the startup of the Family of Medium Tactical Vehicles contract 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.
