*Heavy Equipment Transporter has proven highly survivable and reliable in a decade of service
(NSI News Source Info) TORONTO, Canada - September 14, 2011: The Oshkosh Heavy Equipment Transporter (HET) has become an integral vehicle for U.K. military logistics operations since its introduction in 2001, providing a highly survivable platform for U.K. Forces and transporting some of the heaviest equipment used in combat. Oshkosh Defense, a division of Oshkosh Corporation (NYSE:OSK), today commemorated the 10th anniversary of fielding its first HET to the U.K. Ministry of Defence (MoD) at Defence and Security Equipment International (DSEi) 2011 in London.
“The HET has proven to be a very successful addition to the MoD’s fleet since its introduction 10 years ago,” said Serge Buchakjian, senior vice president of International Programs for Oshkosh Defense. “The HET has delivered exceptional survivability to protect passengers from roadside bombs and other threats in Iraq and Afghanistan. The vehicle also has proven highly reliable, transporting equipment and crews wherever they’re needed for arrival in a high state of readiness.”
The original HET contract for 92 vehicles was awarded to Oshkosh through Fasttrax which is owned by KBR and Barclays Infrastructure Fund, as part of a 20-year private finance initiative. Fasttrax owns, operates and maintains the HET for the MoD. Oshkosh also has provided aftermarket support, including training, parts supply and in-theater maintenance support.
"KBR is delighted to be celebrating the 10th anniversary of this pathfinder contract,” said Derek Brown, managing director KBR FTX Logistics Ltd. “Thanks to the strong partnership with Oshkosh, KBR delivered on time, on budget and continues to meet all contract expectations."
The U.K. HET is paired with the King Trailer GTS 100 semi-trailer and can transport main battle tanks, armored vehicles and self-propelled guns. In addition to its primary mission as a heavy equipment mover, U.K. Forces have used the HET in recovery functions when wreckers were not available. The vehicle has a 72-ton payload capacity and a six-person cab, and uses a 700-horsepower engine.
Oshkosh also has delivered HETs to armed forces in the U.S., United Arab Emirates, Egypt, Jordan, Oman, Saudi Arabia and Greece. The HET is part of Oshkosh’s full range of high-quality military vehicles and aftermarket solutions for international forces.
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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