OSHKOSH, Wis. (July 22, 2010) — Oshkosh Defense, a division of Oshkosh Corporation (NYSE:OSK), has been selected by the U.S. Marine Corps Systems Command (MARCORSYSCOM) to supply on-board vehicle power (OBVP) kits for military testing. The OBVP kits leverage the advanced Oshkosh ProPulse® diesel-electric drive technology, which is proven to power a small airport or entire city block from a single military vehicle.
“There is a rapidly-growing demand in the military for on-board power to support mobile radar systems, command centers, IED-defeat systems and many other applications,” said John Bryant, vice president and general manager of Marine Corps Programs for Oshkosh Defense. “We are proud to partner with the Navy and Marine Corps to create a technology platform to provide our troops with increased tactical flexibility, while reducing their logistics footprint.”
The OBVP kits will be installed on Marine Corps all-terrain Medium Tactical Vehicle Replacements (MTVR) for government evaluation and testing. The installation is expected to be completed in January 2012 and the evaluation and testing is expected to begin in March 2012. This contract follows successful OBVP technology-development efforts between Oshkosh Defense and the Office of Naval Research. The MTVR with OBVP will provide 120 kW of exportable military-grade power while stationary, and 21 kW of military-grade power while on the move.
Under the contract, valued at more than $8 million, OBVP kits will be supplied and integrated on MTVR standard and extended cargo trucks. The scalable OBVP kits can be integrated on the assembly line during new vehicle production or as an aftermarket add on, which can be completed at the company’s regional service facilities. Oshkosh also will provide the training and sustainment support required for the new technology during government testing.
The Oshkosh MTVR is a multipurpose logistics vehicle used by the Marines and Navy Seabees. The vehicle uses the Oshkosh TAK-4® independent suspension system to achieve superior off-road mobility. Oshkosh has supplied the Marines and Seabees with more than 10,000 MTVRs, which have been successfully operating in off-road missions in Iraq, Afghanistan and around the world.
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 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.
