Oshkosh Defense Receives $438 Million Order for Additional 1,000 M-ATVs.
OSHKOSH, Wis. -- Oshkosh Corporation (NYSE NYSE
See: New York Stock Exchange :OSK) announced today it has received an additional $438 million award from the U.S. Army Tank-automotive and Armaments Command Life Cycle Management Command (TACOM TACOM Tank-Automotive and Armaments Command (US Army)
TACOM Tactical Communications
TACOM Tactical Command
TACOM Tank-Automotive and Armament Command
TACOM Theater Army Command
TACOM Tactical Army Command
TACOM Tactical Army COM LCMC LCMC Life Cycle Management Command (US Army)
LCMC Lutheran Congregations in Mission for Christ
LCMC Life-Cycle Management Center
LCMC Lancaster Centre for Management in China
LCMC Lake Charles Manufacturing Complex ) for 1,000 MRAP MRAP Mine Resistant Ambush Protected (military vehicle)
MRAP Mouvement contre le Racisme et Pour l'Amitié entre les Peuples (French antiracism movement)
MRAP Melanocortin-2 Receptor Accessory Protein All Terrain Vehicles (M-ATV). This is the fifth award Oshkosh has received to supply M-ATVs and brings the total number of vehicles Oshkosh will deliver to 6,219. The aggregate amount of the five awards is valued at more than $3.2 billion.
"The most significant way we can show support for our Armed Forces is high rate, quality production of these important vehicles that provide the mobility and survivability necessary for the harsh Afghanistan terrain," said Robert G. Bohn, Oshkosh Corporation chairman and chief executive officer. "Additionally, through our extensive network of aftermarket services, we are supporting the vehicles in-theater with parts supply and field service representative support."
Since receiving the initial award on June 30, 2009, Oshkosh has delivered ahead of its contracted, accelerated delivery schedule every month and will ramp production up to 1,000 vehicles per month in December. Existing Oshkosh Defense manufacturing facilities have available production capacity for all current and pending military vehicle programs, including M-ATV and the U.S. Army's Family of Medium Tactical Vehicles The Family of Medium Tactical Vehicles (FMTV) is a series of vehicles manufactured by BAE Systems Mobility & Protection Systems (M&PS) (formerly the Tactical Vehicle Systems Division of Armor Holdings Aerospace and Defense Group, originally Tactical Vehicle Systems, LP, a (FMTV FMTV Family of Medium Tactical Vehicles
FMTV Frequency Modulation Television ), as well as any surges in production.
"Oshkosh Corporation is also extremely honored to welcome U.S. Secretary of Defense Robert Gates, who will be visiting Oshkosh on Thursday (Nov. 12) to thank our employees who are working on the M-ATV project for all their hard work and dedication," Bohn added.
The Oshkosh([R]) M-ATV is based on the proven Medium Tactical Vehicle Replacement Medium Tactical Vehicle Replacement (MTVR) or 7-Ton, is a six-wheel drive all-terrain vehicle used by the United States Marine Corps and United States Navy. It is designed to replace the old M900 series of tactical trucks, and was first fielded in 1998, after the (MTVR) chassis and uses the Oshkosh TAK-4([R]) independent suspension system to provide superior mobility, including 16 inches of independent wheel travel and a 70 percent off-road profile capability. The TAK-4 system has undergone more than 400,000 miles of government testing and is being retrofitted on more than 2,400 legacy MRAPs for improved mobility. The suspension system is featured on more than 10,000 MTVRs used by the U.S. Marine Corps and Navy Seabees, as well as on the Army's next-generation Palletized Load System A truck with hydraulic load handling mechanism, trailer, and flatrack system capable of self-loading and -unloading. Truck and companion trailer each have a 16.5 ton payload capacity. Also called PLS. See also flatrack. (PLS) and the Marine Corps' Logistics Vehicle System The Logistics Vehicle System (LVS), is a modular assortment of eight-wheel drive all-terrain vehicles used by the United States Marine Corps.
The LVS was fielded in 1985 as the Marine Corps heavy tactical 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.
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([R]), JLG([R]), Pierce([R]), McNeilus([R]), Medtec([R]), Jerr-Dan([R]), Oshkosh Specialty Vehicles, Frontline[TM], SMIT[TM], CON-E-CO([R]), London([R]) and IMT IMT,
n.pr See inspiratory muscle training. ([R]). 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.
([R]), [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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 risks related to the required increase in the rate of production for the M-ATV contract and the amount, if any, of additional orders for M-ATVs that the Company may receive; 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; the expected level and timing of U.S. Department of Defense procurement of products and services and funding thereof, including the outcome of the formal protests of the Family of Medium Tactical Vehicles (FMTV) award to the Company; risks related to reductions in government expenditures and the uncertainty of government contracts; 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.