U.S. Marine Corps to Receive More Than 200 Oshkosh LVSRs
Heavy-payload vehicles deliver exceptional off-road mobility, protection in severe environments
OSHKOSH, Wis. (Feb. 15, 2012) — Oshkosh Defense, a division of Oshkosh Corporation (NYSE:OSK), will deliver more than 140 Logistics Vehicle System Replacement (LVSR) cargo trucks and nearly 70 LVSR tractors for the U.S. Marine Corps following an order from the U.S. Marine Corps Systems Command. The LVSR was first fielded in Afghanistan in 2009 and has quickly proven itself as the Marines’ new heavy-payload platform, delivering improvements in mobility, protection and performance.
"Our ongoing commitment to internal innovation at Oshkosh allows us to design, upgrade and sustain highly advanced vehicles like the LVSR and ensure military fleets remain in sync with evolving challenges in theater," said John Bryant, vice president and general manager of Joint and Marine Corps Programs for Oshkosh Defense. "The LVSR’s advanced design allows it to accept protection upgrades and perform missions that are above and beyond what the original vehicle requirements called for."
The LVSR cargo variant is used in even the most challenging terrain to transport a wide range of supplies and materials, including ammunition, fuel containers, bridging equipment, flatracks and ISO containers. The LVSR tractor variant is designed to haul combat vehicles, semi-trailers and other equipment. It has a fifth-wheel vertical-loading capacity of 25.3 tons and a recovery winch with a 30-ton capacity.
The LVSR is produced in three variants – cargo, wrecker and tractor – and is used in tandem with the medium-payload, Oshkosh-built Medium Tactical Vehicle Replacement (MTVR). The LVSR is equipped with the Oshkosh Command Zone™ embedded diagnostics system to provide real-time performance feedback on major vehicle systems, including the engine, transmission and brakes. The vehicle also uses the company’s patented TAK-4® independent suspension system for off-road mobility in severe landscapes.
The order is valued at more than $94 million and work is expected to be completed in September 2013. Oshkosh to date has received orders for more than 2,000 LVSRs.
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 http://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/.
®, TM 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 expected level and timing of the DoD’s procurement of products and services and funding thereof, including the impact of the DoD’s allocation of certain tires which will restrict and delay certain FHTV sales; risks related to reductions in government expenditures in light of U.S. defense budget pressures and an uncertain DoD tactical wheeled vehicle strategy; the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, especially during periods of global economic uncertainty, lower municipal spending 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 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; increasing commodity and other raw material costs, particularly in a sustained economic recovery; the ability to pass on to customers price increases to offset higher input costs; 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 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; the potential for increased costs relating to compliance with changes in laws and regulations; risks related to disruptions in the Company’s distribution networks; 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. 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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