Oshkosh Corporation ~ October 5, 2009,OSHKOSH, Wis.--(BUSINESS WIRE)--Oshkosh Corporation (NYSE:OSK - News) announced today that the first MRAP All Terrain Vehicles (M-ATV) are on the ground and in theater in Afghanistan. The vehicle’s fielding comes just three months after Oshkosh was awarded the M-ATV contract.
Business Wire - The Oshkosh M-ATV represents a new level of mobility and protection for the Warfighters in Afghanistan (Photo: Business ...
Oshkosh designed the combat vehicle based on a battle-proven platform, incorporating superior survivability and suspension technology to provide the protection and mobility needed for missions in the mountainous terrain in Afghanistan. Having so far received awards valued at $2.3 billion for 4,296 M-ATVs, spare parts and support services, Oshkosh has delivered vehicles ahead of the government’s schedule every month and is on its way to ramping up production to 1,000 vehicles per month by this December.
“Protecting our Warfighters is the number one priority at Oshkosh, and the delivery of the M-ATVs earlier than initial estimates is a testament to our employees’ dedication to meeting our customer’s needs,” said Robert G. Bohn, Oshkosh Corporation chairman and chief executive officer. “The rapid rate at which we are producing these vehicles is the result of a companywide commitment to answer the urgent need of our men and women in Afghanistan.”
The Oshkosh® M-ATV is based on the Medium Tactical Vehicle Replacement (MTVR) platform and uses the advanced Oshkosh TAK-4® independent suspension system to give the vehicle a 70 percent off-road profile capability for exceptional operation on Afghanistan’s rugged cross-country terrain and unimproved roads. The TAK-4 system also is being retrofitted on more than 2,400 legacy MRAPs for improved mobility in Afghanistan and is featured on more than 10,000 MTVRs. The system is also used on the Army’s next-generation Palletized Load System (PLS) and the Marine Corps’ Logistics Vehicle System Replacement (LVSR).
Oshkosh Defense teamed with Plasan North America to provide an advanced armor solution for the M-ATV. Plasan also developed the armor system used on more than 5,000 legacy MRAPs and thousands of Oshkosh MTVR Armored Cabs already in theater.
Oshkosh Defense is the leading manufacturer of both medium and heavy tactical wheeled vehicles in the U.S. defense industry. More than 67,000 military-class vehicles have been produced in the company’s manufacturing facilities.
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 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 Corp. manufactures, distributes and services products under the brands of Oshkosh®, JLG®, Pierce®, McNeilus®, Medtec®, Jerr-Dan®, BAI™, 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 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, which could lead to additional impairment charges related to many of the Company’s intangible assets; risks related to the required increase in the rate of production for the M-ATV and FMTV contracts, and the amount, if any, of additional orders for M-ATVs and/or FMTVs that the Company may receive; the outcome of the formal protests of the FMTV award to the Company: 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; 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 in a future economic recovery; risks associated with international operations and sales, including foreign currency fluctuations; risks related to the collectibility 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. All forward-looking statements speak only as of the date of this press release. The Company assumes no obligation, and disclaims any duty, to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6064817&lang=en
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Contact:
Oshkosh Corporation
Business Wire - The Oshkosh M-ATV represents a new level of mobility and protection for the Warfighters in Afghanistan (Photo: Business ...
Oshkosh designed the combat vehicle based on a battle-proven platform, incorporating superior survivability and suspension technology to provide the protection and mobility needed for missions in the mountainous terrain in Afghanistan. Having so far received awards valued at $2.3 billion for 4,296 M-ATVs, spare parts and support services, Oshkosh has delivered vehicles ahead of the government’s schedule every month and is on its way to ramping up production to 1,000 vehicles per month by this December.
“Protecting our Warfighters is the number one priority at Oshkosh, and the delivery of the M-ATVs earlier than initial estimates is a testament to our employees’ dedication to meeting our customer’s needs,” said Robert G. Bohn, Oshkosh Corporation chairman and chief executive officer. “The rapid rate at which we are producing these vehicles is the result of a companywide commitment to answer the urgent need of our men and women in Afghanistan.”
The Oshkosh® M-ATV is based on the Medium Tactical Vehicle Replacement (MTVR) platform and uses the advanced Oshkosh TAK-4® independent suspension system to give the vehicle a 70 percent off-road profile capability for exceptional operation on Afghanistan’s rugged cross-country terrain and unimproved roads. The TAK-4 system also is being retrofitted on more than 2,400 legacy MRAPs for improved mobility in Afghanistan and is featured on more than 10,000 MTVRs. The system is also used on the Army’s next-generation Palletized Load System (PLS) and the Marine Corps’ Logistics Vehicle System Replacement (LVSR).
Oshkosh Defense teamed with Plasan North America to provide an advanced armor solution for the M-ATV. Plasan also developed the armor system used on more than 5,000 legacy MRAPs and thousands of Oshkosh MTVR Armored Cabs already in theater.
Oshkosh Defense is the leading manufacturer of both medium and heavy tactical wheeled vehicles in the U.S. defense industry. More than 67,000 military-class vehicles have been produced in the company’s manufacturing facilities.
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 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 Corp. manufactures, distributes and services products under the brands of Oshkosh®, JLG®, Pierce®, McNeilus®, Medtec®, Jerr-Dan®, BAI™, 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 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, which could lead to additional impairment charges related to many of the Company’s intangible assets; risks related to the required increase in the rate of production for the M-ATV and FMTV contracts, and the amount, if any, of additional orders for M-ATVs and/or FMTVs that the Company may receive; the outcome of the formal protests of the FMTV award to the Company: 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; 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 in a future economic recovery; risks associated with international operations and sales, including foreign currency fluctuations; risks related to the collectibility 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. All forward-looking statements speak only as of the date of this press release. The Company assumes no obligation, and disclaims any duty, to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6064817&lang=en
MULTIMEDIA AVAILABLE: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6064817
Contact:
Oshkosh Corporation
Financial:
Patrick Davidson
Vice President, Investor Relations
920.966.5939
or
Media:
Ann Stawski
Vice President, Marketing Communications
920.966.5959
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