Oshkosh Truck Corporation (NYSE:OSK) announced today that the company has been awarded a contract by the Egyptian Ministry of Defense to provide specially designed military trucks for its logistics and transport requirements. The contract is valued at $4.9 million and is the first major international order for this model.
The contract covers 30 Medium Tactical Trucks (MTT), which were specifically designed by Oshkosh Truck for international military applications. The MTT uses components and technology found throughout the company’s current military and commercial vehicle models. As a result, the vehicle is extremely capable, reliable and easy to maintain, yet value priced. In addition, the vehicle has been designed to be partially assembled in kits in the United States and shipped anywhere in the world for final assembly.
Egyptian Military Production Minister H.E. Sayed Meshaal, said “This project is very good for Egypt and for Oshkosh Truck. The MTT has proven itself during testing, and I believe that it will serve us well in the future. I am proud of the work we are doing in this US-Egypt partnership.”
“We are proud to be supporting a military with such a remarkable tradition and reputation as that of the Egyptian Army,” commented John Stoddart, executive vice president for Oshkosh Truck and president, defense. “The MTT is a vehicle that provides exceptional capability and value, simultaneously. We look forward to continuing a long relationship with the Egyptian Army as we work together to upgrade its tactical truck fleets.”
The MTT joins other Oshkosh Truck vehicles already in service with the Egyptian Army. The U.S. Army’s M1070 HET tractor with 635 NL trailer and M977 HEMTT 8X8 logistics vehicle are both in service with the military in Egypt. The first Oshkosh® military vehicles went into service in Egypt in 1990 and have been fully supported by Oshkosh since that time.
Current plans call for the initial delivery of four vehicles to come fully assembled directly from Oshkosh. Follow-on trucks will be assembled at the Egyptian Tank Plant in Cairo. Oshkosh Truck will be providing the 4X4 and 6X6 MTT cargo body variants to Egypt. Other available variants include the MTT tractor, MTT Load Handling System and MTT Tanker models.
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 Web site 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.
