Oshkosh Defense to Provide HEMTT Underbody Armor Kits, LVSRs to Support Recovery Missions
OSHKOSH, Wis. (April 7, 2011) — Oshkosh Defense, a division of Oshkosh Corporation (NYSE:OSK), will deliver more than 400 underbody armor protection kits for the Heavy Expanded Mobility Tactical Truck (HEMTT) A4 vehicles following its first order for the armor from the U.S. Army TACOM Life Cycle Management Command (LCMC). The armor was developed in response to an urgent need in the field to increase protection for HEMTT wreckers and Light Equipment Transporters (LET) recovering Mine-Resistant Ambush Protected (MRAP) vehicles in Afghanistan’s challenging terrain. Additionally, more than 15 uparmored Logistics Vehicle System Replacement (LVSR) wreckers were ordered by the Marine Corps Systems Command (MARCORSYSCOM) to protect Marines recovering MRAPs in theater.
“Delivering this new line of protection kits is part of our ongoing work to ensure that the workhorse of the Army’s heavy tactical truck recovery fleet, the HEMTT A4 wrecker, protects those serving on the battlefield,” said Mike Ivy, vice president and general manager of Army Programs for Oshkosh Defense. “Closely collaborating with the Army, we produced and delivered the armor upgrades rapidly to meet the threats that soldiers face in Afghanistan.”
The HEMTT A4 is compliant with the Army’s Long-Term Armor Strategy (LTAS). It is produced with factory-installed armor and can also readily accept add-on armor to raise protection levels. The HEMTT platform’s 13-ton payload and off-road capabilities make it the backbone of the U.S. Army’s logistics fleet. The wrecker variant, capable of recovering vehicles weighing in excess of 50 tons, offers heavy-duty power and extreme performance for the most challenging recovery missions.
The LVSR wrecker is able to flat tow 55 tons, and lift and tow 48 tons. It is equipped with the Oshkosh Command Zone™ embedded diagnostics system to provide real-time performance feedback on vital vehicle information and uses the company’s patented TAK-4® independent suspension system for superior off-road mobility. LVSRs have been operating in Afghanistan since September 2009.
Deliveries of the HEMTT underbody kits for the TACOM order are scheduled to be completed in July 2011. The order is valued at more than $26 million. Deliveries of the LVSRs are scheduled to take place between June and September 2011. The MARCORSYSCOM order is valued at approximately $12 million.
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 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.
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 decrease in M-ATV production rates; 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 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 equity market expectations; the expected level and timing of U.S. Department of Defense (DoD) procurement of products and services and funding thereof, especially in an environment when the U.S. government is operating under a Continuing Resolution budget action; 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 consequences of financial leverage, which could limit the Company’s ability to pursue various opportunities; the potential for commodity and other raw material costs to rise sharply, particularly in a future economic recovery; risks related to costs and charges as a result of facilities consolidation and alignment, including that anticipated cost savings may not be achieved; 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 delays arising from supplier 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 work stoppages and other labor matters; the potential for disruptions or cost overruns in the Company’s global enterprise system implementation; the potential for increased costs relating to compliance with changes in laws and regulations; and risks related to disruptions in the Company’s distribution networks. 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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