OSHKOSH, Wis.--(BUSINESS WIRE)--Jun. 30, 2009--
The U.S. Department of Defense (DoD) announced today it has selected
Oshkosh Corporation (NYSE:OSK) to supply MRAP All Terrain Vehicles
(M-ATV) for its fighting forces. Oshkosh has received an initial
delivery order from the U.S. Army Tank-automotive and Armaments Command
(TACOM) Life Cycle Management Command (LCMC) for 2,244 M-ATVs valued at
$1.05 billion, following months of government testing on multiple
production-ready vehicles.
“We are proud that Oshkosh was chosen to provide its M-ATV offering to
the U.S. Armed Forces. Our M-ATV design combines the crew protection
warfighters have come to expect in MRAP vehicles with the extreme
mobility and durability needed to negotiate Afghanistan’s mountainous
off-road terrain,” said Robert G. Bohn, Oshkosh Corporation chairman and
chief executive officer. “Due to the urgent need of our Armed Forces for
a survivable and highly mobile vehicle, our Corporation’s number one
priority is meeting the Department’s accelerated delivery schedule of
the Oshkosh M-ATV. Oshkosh Corporation will put whatever resources are
necessary to meet or exceed the government’s delivery schedule. While we
believe we can meet or exceed the government’s current delivery
requirements, we intend to enter into discussions with other
manufacturers to determine if they can assist in the production of the
Oshkosh M-ATV.”
Bohn went on to say, “As we begin supplying our advanced,
high-performance vehicles, our full-service aftermarket support network
will be available with replacement parts, technical support, and repair
or refurbishment services. If demands for technology or component
upgrades should arise, our team is ready to deliver.”
Andy Hove, Oshkosh Corporation executive vice president and president,
Defense said, “Much has already been done to ensure we can meet the
government’s delivery schedule. In recognition of the urgent need, we
began daily production of Oshkosh M-ATVs on our flexible manufacturing
line a few weeks ago. We and our suppliers have already made significant
investments in materials and are well positioned to accelerate our
manufacturing capabilities.”
The Oshkosh Defense investments, planning and engineering activities,
and production of M-ATVs in advance of this award will allow for
accelerated delivery of the Oshkosh M-ATV, with initial vehicles
available to TACOM LCMC in July.
In order to achieve the off-road mobility that soldiers and Marines need
in Afghanistan, Oshkosh integrated its TAK-4®
independent suspension system onto the vehicle. As further testament to
the government’s confidence in this suspension system, the company
recently received a supply order to equip more than 1,500 legacy MRAPs
with the TAK-4 system and continues to work with the Army to evaluate
using the system on additional legacy MRAP models. The TAK-4 suspension
system is used on more than 10,000 Medium Tactical Vehicle Replacements (MTVR)
supplied to the Marines and Seabees, as well as on the Marines’
Logistics Vehicle System Replacement (LVSR)
and the Army’s next-generation Palletized Load System (PLS).
Oshkosh Defense teamed with Plasan North America for the M-ATV armor
system to provide an advanced armor solution. Plasan also developed the
armor system used on more than 5,000 legacy MRAPs and thousands of
Oshkosh Armored Cab MTVRs already in theater.
Oshkosh performed more than 7,500 miles of independent off-road testing
to identify possible enhancements to the vehicle so it would meet or
surpass the performance requirements in the rugged terrain in
Afghanistan.
Photo Caption: The Oshkosh M-ATV offers superior mobility and
survivability for the U.S. Armed Forces
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, including the level of the
Company’s borrowing costs, the increased interest rates the Company
would face if it experienced a deterioration or downgrade in credit
agency ratings and the Company’s ability to maintain compliance with its
financial covenants under its credit agreement; the cyclical nature of
the Company’s access equipment, commercial and fire & emergency markets,
especially during a global recession and credit crisis; 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; the potential for commodity
costs to rise sharply in a future economic recovery; risks associated
with international operations and sales, including foreign currency
fluctuations; the Company’s ability to close the sale of its Geesink
business on its expected timetable; risks related to the collectability
of receivables during a recession, particularly for those businesses
with exposure to construction markets; 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.
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Source: Oshkosh Corporation
Oshkosh Corporation
Financial:
Patrick Davidson
Vice
President, Investor Relations
920.966.5939
or
Media:
Ann
Stawski
Vice President, Marketing Communications
920.966.5959
