Oshkosh Defense Receives $84 Million Award for M-ATV Armor Kits

OSHKOSH, Wis.--(BUSINESS WIRE)--Oshkosh Corporation (NYSE:OSK) announced today that its Defense division received an award valued at more than $84 million from the U.S. Army Tank-automotive and Armaments Command Life Cycle Management Command (TACOM LCMC) to supply more than 625 add-on armor kits for the MRAP All Terrain Vehicle (M-ATV).

Under the delivery order, Oshkosh will provide explosively formed penetrator (EFP) protection kits for the M-ATV. Delivery of the kits is expected to begin in April 2010 and be completed by the end of August 2010. The Oshkosh-supplied kits will include EFP armor, base door armor and a door-assist mechanism. To date, Oshkosh has received awards valued at more than $4 billion to deliver 6,619 M-ATVs, as well as spare parts kits and aftermarket in-theater support.

The advanced armor system solution for the base Oshkosh M-ATV, prior to installation of EFP kits, has been battle-tested on more than 5,000 legacy MRAPs and thousands of Oshkosh^® Medium Tactical Vehicle Replacement (MTVR) Armored Cabs already in theater. Incorporation of the Oshkosh-patented TAK-4^® independent suspension system allows the M-ATV to accept add-on armor while maintaining its agile maneuverability and a full payload capacity of up to 4,000 pounds.

In addition to exceptional survivability, the M-ATV delivers superior off-road mobility for Afghanistan’s harsh mountainous terrain and unimproved roads. The TAK-4 system, which has undergone more than 500,000 miles of government testing, gives the vehicle a 70 percent off-road profile capability and 16 inches of independent wheel travel to overcome obstacles and rugged environments.

Existing Oshkosh facilities have the capacity, highly skilled workforce and proven manufacturing capability to deliver this M-ATV order and all other Defense program orders, including the U.S. Army’s Family of Medium Tactical Vehicles (FMTV), as well as any surges in production.

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^®, 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, log on to www.oshkoshcorporation.com.

^\®, ™ 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 risks related to sustaining the required 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 tight credit markets; 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 FMTV award to the Company; risks related to reductions in government expenditures, the potential for the government to competitively bid the Company’s Army and Marine contracts and the uncertainty of government contracts generally; 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. Investors should be aware that the Company may not update such information until the Company’s next quarterly earnings conference call, if at all.