Oshkosh Truck Corporation (NYSE:OSK) announced today that the company has been selected by the U.S. Army for Theater Provided Equipment Refurbishment (TPER) of FHTV units under a four-year Indefinite Delivery, Indefinite Quantity (IDIQ) contract. The initial delivery quantity is for 319 units and is valued at $22 million. The contract can be extended to cover additional FHTV units located in Southwest Asia. Work will be performed in Oshkosh’s facility in Jahra, Kuwait.
The initial order covers PLS, HEMTT and HET vehicles, which are all produced by Oshkosh Truck, as well as HET trailers. This is an urgent requirement to repair incoming tactical equipment and return it to full mission operability to enable soldiers to accomplish their missions and return home safely.
“At the onset of this conflict, Oshkosh Truck made a substantial commitment in support of our U.S. forces in theater. This continued commitment includes maintenance facilities, a swift ramp up of capabilities to up-armor thousands of vehicles, the support of over 400 personnel deployed in theater at various times and the expediting of parts supply, regardless of location. We are pleased to have this new opportunity to further expand the support we offer the U.S. Army including rapid and vital repair operations for vehicles in the field,” said John Stoddart, Oshkosh's executive vice president and president, defense.
The scope of work carried out by Oshkosh will include both scheduled and unscheduled maintenance as part of the ongoing support. Since the start of Operation Iraqi Freedom, Oshkosh has had repair/armor capabilities in the Southwest Asia Theater of operations. Personnel are currently deployed throughout the Middle East.
About Oshkosh Truck Corporation
Oshkosh Truck Corporation is a leading designer, manufacturer and marketer of a broad range of specialty access equipment, commercial, fire and emergency and military vehicles and vehicle bodies. Oshkosh's products are valued worldwide by rental companies, fire and emergency units, defense forces, municipal and airport support services, and concrete placement and refuse businesses where high quality, superior performance, rugged reliability and long-term value are paramount. For more information about Oshkosh Truck Corporation, log onto the company Website at www.oshkoshtruckcorporation.com.
Forward-Looking Statements
This press release contains statements that the company believes are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including statements regarding the company's future financial position, business strategy, targets, projected sales, costs, earnings, capital spending and debt levels, and plans and objectives of management for future operations, are forward-looking statements. When used in this press release, words such as "expects," "intends," "estimates," "anticipates," or "believes" and similar expressions 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 that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the cyclical nature of the company's markets, the company's ability to successfully integrate the JLG acquisition, the consequences of financial leverage associated with the JLG acquisition, risks related to reductions in government expenditures, the uncertainty of government contracts and the company's ability to turnaround its Geesink Norba Group business. Additional information concerning these and other factors is contained in the Company's filings with the Securities and Exchange Commission.
