Oshkosh Truck Corporation Agrees to Acquire Medtec Ambulance Corporation.Business Editors OSHKOSH, Wis adv. 1. Certainly; really; indeed. v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. .--(BUSINESS WIRE)--Oct. 24, 2000 Proposed Acquisition Expands Oshkosh's Fire and Emergency Business into New Market Oshkosh Truck Oshkosh Truck NYSE: OSK, is a manufacturer of specialty trucks and truck bodies for defense, industrial and fire emergency applications. It is based in Oshkosh, Wisconsin and employs about 7,000 people worldwide in five countries. Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : OTRKB), a leading manufacturer of specialized trucks and truck bodies, announced today that it has agreed to acquire Medtec Ambulance Corporation. The companies have signed an agreement for Oshkosh to buy 100% of the stock of the privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. . Terms of the transaction were not disclosed. The announcement was made by Robert G. Bohn, chairman, president and chief executive officer of Oshkosh Truck Corporation, and Kenneth D. Gingerich, president of Medtec Ambulance Corporation. Medtec is among the top U.S. manufacturers of custom ambulances with annual sales of approximately $22 million. The company manufactures a broad line of ambulances for private patient transporters, fire departments, and public transporters. Included in the acquisition is Medtec's division, American Fire & Rescue (AFR AFR African AFR Australian Financial Review AFR Afrikaans (South African language) AFR Air France (ICAO code) AFR Alternate Frame Rendering AFR Applicable Federal Rate ), which manufactures and markets rescue vehicles to the fire service. This product line complements Oshkosh's Pierce(R) brand of heavy-duty rescue vehicles with a full line of vehicles targeted at volunteer and rural fire departments. The move further strengthens Oshkosh's strong position in the fire and emergency market by broadening its product line with custom ambulance and rescue products. "This acquisition fits perfectly with our strategy for driving top and bottom line growth within the fire and emergency segment. Medtec is strongly positioned within the ambulance market, with excellent potential for continued growth," said Bohn. "The Medtec name is synonymous with synonymous with adjective equivalent to, the same as, identical to, similar to, identified with, equal to, tantamount to, interchangeable with, one and the same as quality, value and customization. With the financial support and manufacturing and engineering expertise Oshkosh contributes to this combination, we see the opportunity to expand sales and market share for the Medtec and AFR brands, similar to the success we've had with Pierce," continued Bohn. Oshkosh expects to finalize fi·nal·ize tr.v. fi·nal·ized, fi·nal·iz·ing, fi·nal·iz·es To put into final form; complete or conclude: "They have jointly agreed ... the acquisition within two weeks. The company will operate under Oshkosh's fire and emergency apparatus subsidiary, Pierce Manufacturing Pierce Manufacturing is an Appleton, Wisconsin based manufacturer of custom fire and rescue apparatus and a wholly owned subsidiary of Oshkosh Truck Corporation. Pierce was acquired by Oshkosh in 1996. Inc., which is headquartered in Appleton, Wis. The company will comment on the acquisition during its live fourth-quarter earnings conference call at 11:00 a.m. Eastern Standard Time on October 26, 2000. The call will be available simultaneously via a webcast over the Internet as a service to investors. It will be listen-only format for on-line listeners. To access the webcast, investors should go to www.oshkoshtruck.com at least 15 minutes prior to the event and follow instructions for listening to the broadcast. Broader Product Line to Meet Market Shift "This is the ideal strategy for addressing the growing trend toward combining fire and patient transport services The collective functions of layers 1 through 4 of the OSI model. across the country," Bohn explained. "It allows us to further serve our existing customer base with an unrivaled breadth of products, while at the same time expanding into the general ambulance market which is estimated at 5,000 units annually. "Based on the aging U.S. population, we expect to see patient transport market growth exceed GDP GDP (guanosine diphosphate): see guanine. growth," Bohn added. Although Medtec manufactures a broad line of ambulances, the company specializes in Type I and Type III Type III may stand for:
Type I and Type III ambulances are most popular among fire departments and public patient transport services; Type II are sold primarily to private ambulance services. Type I ambulances feature a conventional-style, light- or medium-duty chassis with a modular patient transport body mounted separately behind the truck cab. Type III ambulances are built on a light-duty van chassis, with a walk-through opening into the patient transport body which is mounted behind the vehicle cab. Medtec Ambulance Corporation is headquartered in Goshen, Ind., with additional production facilities in Constantine, Mich. Oshkosh Truck Corporation (NASDAQ: OTRKB) is a leading manufacturer of specialty trucks and truck bodies for the defense, fire and emergency, concrete placement and refuse hauling markets. Products are marketed under the Oshkosh, Pierce and McNeilus brand names. The company is headquartered in Oshkosh, Wis., and has annual sales of $1.165 billion. |
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