Oshkosh Defense, a division of Oshkosh Corporation (NYSE:OSK), will add more than 6,000 upgraded vehicles to the U.S. Army’s Family of Heavy Tactical Vehicle (FHTV) fleet under a new three-year contract from the U.S. Army Tank-automotive and Armaments Command (TACOM). The vehicles include increased horsepower and performance features due to power-train and suspension upgrades. The first order is valued at $1.2 billion and delivery will start in November.
The FHTV III program will be awarded in increments and calls for Oshkosh to manufacture and deliver more than 6,000 of the upgraded and more-powerful variants of heavy tactical vehicles and accompanying trailers. This includes the Oshkosh® Heavy Expanded Mobility Tactical Trucks (HEMTT), Palletized Load Systems (PLS) and PLS trailers (PLST), and Heavy Equipment Transporters (HET).
As part of the contract, Oshkosh Defense will supply the U.S. Army with the next-generation HEMTT, the HEMTT A4, and will soon introduce the A1 models of the PLS and HET. Available to Army forces worldwide, these new next-generation vehicles will feature increased horsepower and performance features due to power-train and suspension upgrades. In addition, all three vehicle families will be Long Term Armor Strategy (LTAS) compliant and come off the assembly line fitted with upgraded suspensions and integral composite (“A” kit) armor. They also will be ready to receive an add-on (“B” kit) armor appliqué.
“No other manufacturer makes heavy tactical vehicles like Oshkosh. And today’s announcement confirms the strong confidence the U.S. Army has in our Oshkosh Defense battle-tested and mission-ready fleet of vehicles and their capabilities to meet the in-field demands of tomorrow,” said Robert G. Bohn, Oshkosh Corporation chairman and chief executive officer. “The vehicle enhancements are designed to improve troop safety for our brave men and women serving in the military, and boost vehicle performance on the battlefield.”
The Oshkosh HEMTT 13-ton payload and off-road capabilities make it the backbone for the U.S. Army’s logistics fleet. Since its introduction in 1985, the HEMTT has helped keep the Army on the move during major conflicts such as Operations Desert Storm and Iraqi Freedom.
The PLS is built to load and unload a variety of cargo, and is designed to meet the U.S. Army’s distribution and resupply needs in even the most challenging military missions. The PLS truck and trailer form a self-contained system that reduces the need for forklifts or other material-handling equipment, and they both carry a demountable cargo bed, also known as a flatrack, that features a 16.5-ton payload capacity.
The HET transports payloads up to 70 tons and is designed to rapidly transport battle tanks, fighting and recovery vehicles, armored vehicles, and construction equipment, as well as their crews, to arrive in mission-ready condition.
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®, BAI®, Oshkosh Specialty Vehicles, Frontline™, SMIT™, Geesink™, Norba™, Kiggen™, 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.
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 consequences of the Company's financial leverage position and the level of associated borrowing costs; the cyclical nature of the Company's access equipment, commercial and fire & emergency markets, especially during a recession, which many believe the U.S. economy has already entered; the Company’s ability to offset rising steel, fuel and other costs through other cost decreases or product selling price increases; risks related to reductions in government expenditures and the uncertainty of government contracts; risks associated with international operations and sales, including foreign currency fluctuations; and the Company's ability to turn around 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.
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