Oshkosh Defense Receives EMD Contract to Develop JLTV - the Future of Light Tactical Vehicles

The Oshkosh JLTV solution combines advanced crew protection with significantly faster off-road performance

OSHKOSH, Wis.--(BUSINESS WIRE)--Aug. 23, 2012-- The U.S. Department of Defense has awarded Oshkosh Defense, a division of Oshkosh Corporation (NYSE:OSK), a contract for the Joint Light Tactical Vehicle (JLTV) program’s Engineering, Manufacturing and Development (EMD) phase. The JLTV program aims to replace many of the U.S. military’s aged HMMWVs with a lightweight vehicle that offers greater protection, mobility and transportability.

The Oshkosh JLTV solution, L-ATV, combines advanced crew protection and faster off-road speeds. (Pho ...

The Oshkosh JLTV solution, L-ATV, combines advanced crew protection and faster off-road speeds. (Photo: Business Wire)

“The JLTV program is critical to supporting our troops who stand in harm’s way and deserve the best equipment that industry can provide,” said John Urias, Oshkosh Corporation executive vice president and president, Oshkosh Defense. “The Oshkosh JLTV solution will allow the Army and Marine Corps to provide unprecedented levels of protection and off-road mobility in a light vehicle – so that their troops can accomplish their missions and return home safely.”

JLTV is managed by the Joint U.S. Army and U.S. Marine Corps program, under the leadership of the U.S. Army's Program Executive Office for Combat Support and Combat Service Support (PEO CS&CSS). Under the contract, Oshkosh will deliver 22 Oshkosh-designed and manufactured JLTV prototypes within 365 days of contract award, and support government testing and evaluation of the prototypes.

Since 2006, Oshkosh has invested significantly in independent R&D to develop its JLTV solution. Oshkosh employed a generational product development approach that aligned to rapidly evolving technical requirements. As a result, the Oshkosh JLTV delivers the latest automotive technologies, an advanced crew protection system, and a next generation TAK-4i™ independent suspension system to achieve JLTV performance at an affordable price. The Oshkosh JLTV is fully tested, ready for initial production, and meets or exceeds the requirements of the JLTV program.

“The Oshkosh JLTV solution was designed with a purpose – to keep Warfighters safe on future battlefields with unpredictable terrain, tactics, and threats,” said John Bryant, vice president and general manager of Joint and Marine Corps Programs for Oshkosh Defense. “Oshkosh has a 90-year history of delivering high quality military vehicle programs on-time and on-budget, and our JLTV program is no exception. We understand how critical this light, protected, off-road vehicle will be to Warfighters.”

The Oshkosh JLTV solution, called the Light Combat Tactical All-Terrain Vehicle, or L-ATV, offers an advanced crew protection system that has been extensively tested and is proven to optimize crew survivability. The L-ATV can accept multiple armor configurations, which allows the vehicle to adapt easily to changing operational requirements. The L-ATV also applies the Oshkosh TAK-4i™ intelligent independent-suspension system to provide significantly faster speeds when operating off-road, which can be critical to troops’ safety.

Oshkosh Defense has an unwavering commitment to the men and women who serve our nation. Notably, Oshkosh was awarded the M-ATV contract in June 2009 on an urgent needs basis. Oshkosh ramped up production at a historical pace – delivering 1,000 vehicles per month within six months. Oshkosh delivered more than 8,700 M-ATVs, most of which were deployed in Afghanistan and are credited for saving thousands of troops’ lives.

“Oshkosh’s M-ATV is the only vehicle in the combat theater in Afghanistan performing the JLTV’s mission profile,” said Bryant. “We delivered more than 8,700 M-ATV’s on-time and on-budget, and Oshkosh will bring the same level of commitment to the JLTV program.”

More information about the Oshkosh JLTV solution is available at http://www.oshkoshdefense.com/jltv.

About Oshkosh Defense

Oshkosh Defense, a division of Oshkosh Corporation, is an industry-leading global designer and manufacturer of tactical and protected military 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 www.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®, Jerr-Dan®, Oshkosh Specialty Vehicles, Frontline, 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.

®, TM 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 cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, especially in the current environment where there are conflicting signs regarding the future global economic outlook; the expected level and timing of the 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; risks that profit on the definitization of contracts with the DoD could differ from the Company’s estimates; increasing commodity and other raw material costs, particularly in a sustained economic recovery; the ability to increase prices to raise margins or offset higher input costs; risks related to the Company’s exit from its ambulance and European mobile medical businesses, including the amounts of related costs and charges; risks related to facilities consolidation and alignment, including the amounts of related costs and charges and that anticipated cost savings may not be achieved; the Company’s ability to produce vehicles under the FMTV contract at targeted margins; 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 Company or equity market expectations; 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; 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 or shipment delays arising from quality or production issues; risks associated with international operations and sales, including foreign currency fluctuations and compliance with the Foreign Corrupt Practices Act; risks related to actions of activist shareholders; and the Company’s ability to successfully execute on its strategic road map and meet its long-term financial goals. Additional information concerning these and other factors is contained in the Company’s filings with the Securities and Exchange Commission. 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.

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Source: Oshkosh Corporation

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