Oshkosh Defense Ships First FMTV Trucks, Trailers to U.S. Army Ahead of Schedule; Vehicle Design Supports Armor Strategy to Protect Warfighters
OSHKOSH, Wis. — May 27, 2010 — Oshkosh Defense, a division of Oshkosh Corporation (NYSE:OSK), has shipped its first Family of Medium Tactical Vehicles (FMTV) trucks and trailers to the U.S. Army. The vehicles left the company’s Oshkosh, Wis. campus yesterday – ahead of schedule.
“These Oshkosh vehicles represent a major milestone for the FMTV program, and exemplify our history of meeting commitments to the U.S. Army,” said Mike Ivy, vice president and general manager, Army Programs, Oshkosh Defense. “We’ve leveraged our proven manufacturing expertise and a substantial pre-award program investment to ensure that all of our customer’s requirements and original schedules are met. We look forward to delivering these mission-critical vehicles to our country’s Warfighters.”
Two FMTV variants and trailers for both vehicles are being delivered. The Oshkosh FMTVs feature the Long-Term Armor Strategy (LTAS)-compliant cab solution. “We are pleased to do all we can to advance the safety and protection of our Warfighters,” added Ivy.
According to the U.S. Army’s original FMTV program timeline, Oshkosh Defense will begin delivering production units in October 2010. Production deliveries under existing orders run through December 2011. To date, Oshkosh has received orders to deliver 5,209 FMTV trucks and trailers.
The five-year FMTV contract is for the production of an estimated 23,000 vehicles and trailers, as well as support services and training. The FMTV is a series of 17 models and 23 variants ranging from 2.5-ton to 10-ton payloads. Vehicles feature a parts commonality of more than 80 percent, resulting in streamlined maintenance, training, sustainment and overall cost efficiency for the U.S. Army.
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®, 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.
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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.
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