OSHKOSH, Wis. (Aug 26, 2010) — Oshkosh Defense, a division of Oshkosh Corporation (NYSE:OSK), announced today it has received an award to provide continued aftermarket support for MRAP All Terrain Vehicles (M-ATV) in the U.S and Afghanistan. More than 55 fully-trained Oshkosh field service representatives (FSR) will provide in-theater and U.S.-based M-ATV support for the U.S. Army, Marine Corps, Navy and Air Force for another year. The FSRs will support the Armed Forces, as directed, with vehicle maintenance, operation, diagnostics and training.
“As warfighters continue to receive Oshkosh-built M-ATVs in Afghanistan, our service representatives are needed on the ground to support the program in multiple capacities,” said Ken Juergens, Oshkosh Defense vice president and general manager, Joint Programs. “As a result of this award, Oshkosh M-ATV experts and aftermarket-support FSRs are available to the Armed Forces for another year – most having worked with this platform since the first M-ATVs rolled off our lines last July. Our service team’s mission is ensuring that the M-ATV vehicles and those operating them are ready for any mission.”
Embedded directly in support of military units, Oshkosh FSRs provide onsite technical assistance, ensure proper maintenance procedures, correctly identify parts and provide troubleshooting techniques and maintenance training to troops.
“With decades of support to the military, Oshkosh knows that properly maintained vehicle fleets have higher readiness rates and reduced life-cycle costs,” Juergens said. “The urgent need for the M-ATV required that training be completed simultaneously with vehicle maintenance training so our FSRs are working side-by-side with the Warfighter to maintain mission-ready fleets for the more than 5,000 M-ATVs in-theater.”
The company also received an aftermarket order for more than 290 explosively formed penetrator (EFP) protection kits. The EFP kits are scheduled to be delivered in the second quarter of fiscal year 2011. The FSRs are expected to support the Armed Forces from September 2010 through September 2011. Together, the combined awards from the U.S. Army TACOM Life Cycle Management Command (LCMC) are valued at more than $58 million.
The Oshkosh 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 to date for 8,083 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 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 presentation 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 presentation, 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 projected decrease in M-ATV production rates; the cost of any warranty campaigns related to the Company’s products; the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, especially during periods of global economic weakness and tight credit markets; 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. 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 Company’s ability to start production under the FMTV contract at targeted margins; 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, 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, particularly in a future economic recovery; risks related to costs and charges as a result of facilities consolidation and alignment; risks associated with international operations and sales, including foreign currency fluctuations and compliance with the Foreign Corrupt Practices Act; risks related to disruptions in the Company’s distribution networks; 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.The Company disclaims any obligation to update such forward-looking statements. All operating results included in this press release reflect results from continuing operations only. The operating results of Geesink B.V., Geesink Norba Limited and Norba A.B., (collectively, Geesink), which comprised the Company’s former European RCV business, and of the Company’s former European fire apparatus business, BAI Brescia Antincendi International S.r.l. (BAI), have been reclassified for all periods presented to discontinued operations due to the Company’s sale of these businesses in July 2009 and October 2009, respectively.
