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Oshkosh Defense Delivers Canadian TAPV for Government Testing — Press Release

by: Matthew Potter
August 29, 2011

Category: Business Line, Canada, Companies, Countries, development program, Events, Oshkosh Truck Corp, production program, Proposal, Services | RSS 2.0

Oshkosh Defense Delivers Canadian TAPV for Government Testing

Extensive DND testing to be carried out at Aberdeen Test Center

OSHKOSH, Wis. & OTTAWA, Ontario (Aug. 29, 2011) — Oshkosh Defense, a division of Oshkosh Corporation (NYSE:OSK), today delivered the Oshkosh Tactical Armoured Patrol Vehicle (TAPV) to Aberdeen Test Center in Maryland where the Canadian Department of National Defence (DND) will conduct mobility, survivability and weapons testing. Oshkosh Defense’s response to the TAPV solicitation was submitted to the Public Works and Government Services Canada (PWGSC) last week.

“Today, Oshkosh has delivered the best solution for the TAPV program including the most advanced military vehicle technologies and the finest Canadian-based sustainment services for the DND,” said Serge Buchakjian, senior vice president and general manager of International Programs for Oshkosh Defense. “Our TAPV is a fully integrated vehicle that is customized to the Canadian Force’s specific requirements, offering them the best-value solution. With our partners at General Dynamics Land Systems-Canada and Oshkosh Corporation’s London Machinery, Inc., we can produce the vehicle in a way that creates considerable benefits for the Canadian economy for the next 25 years.”

The TAPV is intended to replace the Armoured Patrol Vehicle (APV) and the Coyote reconnaissance vehicle, to help ensure the Canadian Army remains capable of effective training, supporting domestic operations and sustaining deployed forces as part of the Canada First Defence Strategy. The Oshkosh TAPV, which is based on the company’s proven Mine-Resistant Ambush Protected All-Terrain Vehicle (M-ATV) platform, leverages a mission-proven chassis and the patented TAK-4® independent suspension system used on more than 20,000 military-class vehicles, which have proven highly-effective in some of the most extreme operating environments, including Afghanistan.

In independent testing conducted to date, the Oshkosh TAPV has undergone on- and off-road durability validation, successfully met ballistic and other survivability threat requirements (including the use of steel-pot method for NATO STANAG blast tests), and completed extensive live-fire demonstrations of the fully integrated dual Remote Weapon Station (RWS). The combination of these activities demonstrates the effectiveness, maturity and reliability of the Oshkosh TAPV.

Oshkosh Defense is teamed with General Dynamics Land Systems-Canada and Oshkosh Corporation subsidiary London Machinery, Inc. (LMI) in its bid for the TAPV program. General Dynamics Land Systems-Canada will provide in-country support and system integration. LMI will contribute local advanced manufacturing capabilities to assemble the vehicle, conduct subsystem integration and final acceptance testing, which will be performed by its highly skilled workforce.

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.

®, TM All brand names referred to in this news release are trademarks of Oshkosh Corporation or its subsidiary companies.

Forward-Looking Statements

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 U.S. Department of Defense (DoD) procurement of products and services and funding thereof; 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 weakness, tight credit markets and lower municipal spending; 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 impact on revenues and margins of the decrease in M-ATV production rates; the potential for the U.S. government to competitively bid the Company’s Army and Marine Corps contracts; risks related to work stoppages and other labor matters, especially in light of the pending contract expiration for union employees at the Company’s Oshkosh defense facilities; 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 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; the potential for disruptions or cost overruns in the Company’s global enterprise resource planning system implementation; the potential for increased costs relating to compliance with changes in laws and regulations; risks related to disruptions in the Company’s distribution networks; 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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