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Oshkosh Defense Delivers Proposal for JLTV Production

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The U.S. Department of Defense (DoD) is taking action to fill a critical capability gap in its tactical wheeled vehicle (TWV) fleet by advancing the Joint Light Tactical Vehicle (JLTV) program. Oshkosh Defense, LLC, an Oshkosh Corporation (NYSE:OSK) company, submitted its proposal today in response to the U.S. Government’s Request for Proposal (RFP) for JLTV Low Rate Initial Production (LRIP) and Full Rate Production (FRP). Oshkosh’s JLTV proposal addresses the U.S. Army and Marine Corps’ need for a lightweight, highly-mobile, net-ready vehicle with unprecedented levels of protection for our nation’s Warfighters on the modern battlefield.

“Our JLTV is simply the most capable, reliable light tactical vehicle that’s ever been built,” said John Urias. (Photo: Business Wire)

“Our troops deserve the best vehicle and technology our Government can provide, and no other company serves this mission more effectively than Oshkosh,” said U.S. Army Major General (Retired) John Urias, executive vice president of Oshkosh Corporation and president of Oshkosh Defense. “Our JLTV proposal reflects Oshkosh’s heritage of building high performance tactical vehicles, and an unparalleled commitment to providing our troops with the most capable and reliable JLTV at an affordable price.”

Oshkosh’s JLTV Family of Vehicles (FoV), based on the Light Combat Tactical All-Terrain Vehicle (L-ATV) platform, includes both four-seat and two-seat variants to execute a full spectrum of missions – in any climate or terrain. The Oshkosh JLTV is equipped with the Company’s TAK-4iTM independent suspension system to provide superior off-road mobility, maneuverability and ride quality. TAK-4i provides 25 percent more usable wheel travel and 70 percent faster speeds in off-road terrain compared to today’s best-performing TWVs. In addition, the Oshkosh JLTV FoV uses a digitally-controlled engine, which maintains steady, fuel-efficient power without sacrificing the acceleration and cruising speed that Warfighters need in high-threat environments.

“Every aspect of the vehicle-inside and out-is optimized for the Warfighter in anticipation of future environments and threats. Our JLTV is simply the most capable, reliable light tactical vehicle that’s ever been built,” said Urias.

According to John Bryant, senior vice president of Domestic Programs at Oshkosh Defense, protection, transportability, off-road mobility and communications are all major factors on the modern battlefield. “Our JLTV is built to give our troops the technological edge from start to finish – getting them to the fight, helping them win the fight, and getting them back home safely.”

The Oshkosh JLTV FoV merges key design elements of highly survivable combat vehicles and off-road tactical vehicles to operate in high threat environments and some of the world’s toughest terrains. It features the Oshkosh Core1080TM Crew Protection System, an occupant-centric, comprehensive development approach that increases survivability by protecting the crew and optimizing readiness. The Oshkosh JLTV also brings critical network and computing capabilities to the full spectrum of ground missions. Oshkosh has a unique combination of vehicle Original Equipment Manufacturer (OEM) expertise and extensive in-house Command, Control, Communications and Computers (C4) and systems capabilities to deliver a fully integrated, net-ready JLTV FoV.

Oshkosh Defense has manufactured and sustained more than 150,000 TWVs for the U.S. DoD and its allies. In November 2014, Oshkosh completed the Government’s Production Readiness Review (PRR) for the JLTV Engineering and Manufacturing Development (EMD) contract, demonstrating that the Company is fully prepared to manufacture world class JLTVs on its established production line. Employing lean processes, flexible assembly lines and rigorous quality checks, Oshkosh has a history of delivering TWVs on schedule, on budget, and with industry-leading quality. In early 2013, the Company produced its JLTV EMD prototypes on the same active and proven production line used for its MRAP All-Terrain Vehicles (M-ATV), Family of Heavy Tactical Vehicles (FHTV), Family of Medium Tactical Vehicles (FMTV) and many other platforms.

About Oshkosh Defense

Oshkosh Defense is a leading provider of tactical wheeled vehicles and life cycle sustainment services. For decades Oshkosh has been mobilizing military and security forces around the globe by offering a full portfolio of heavy, medium, light and highly protected military vehicles to support our customers’ missions. In addition, Oshkosh offers advanced technologies and vehicle components such as TAK-4(R) independent suspension systems, TerraMax(R) unmanned ground vehicle solutions, Command ZoneTM integrated control and diagnostics system, and ProPulse(R) diesel electric and on-board vehicle power solutions, to provide our customers with a technical edge as they fulfill their missions. Every Oshkosh vehicle is backed by a team of defense industry experts and complete range of sustainment and training services to optimize fleet readiness and performance. Oshkosh Defense, LLC is an Oshkosh Corporation company [NYSE: OSK].

To learn more about Oshkosh Defense, please visit us at www.oshkoshdefense.com.

About Oshkosh Corporation

Oshkosh Corporation is a leading designer, manufacturer and marketer of a broad range of access equipment, commercial, fire & emergency, military and specialty vehicles and vehicle bodies. Oshkosh Corporation manufactures, distributes and services products under the brands of Oshkosh(R), JLG(R), Pierce(R), McNeilus(R), Jerr-Dan(R), FrontlineTM, CON-E-CO(R), London(R) and IMT(R). Oshkosh products are valued worldwide by rental companies, concrete placement and refuse businesses, fire & emergency departments, municipal and airport services and defense forces where high quality, superior performance, rugged reliability and long-term value are paramount. For more information, please visit www.oshkoshcorporation.com.

(R), 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 cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, which are particularly impacted by the strength of U.S. and European economies; the strength of emerging market growth and projected adoption rates of work at height machinery; the expected level and timing of DoD and international defense customer procurement of products and services and funding thereof; risks related to reductions in government expenditures in light of U.S. defense budget pressures, sequestration and an uncertain DoD tactical wheeled vehicle strategy, including the Company’s ability to successfully manage the cost reductions required as a result of lower customer orders in the defense segment; the Company’s ability to win a U.S. JLTV production contract award and international defense contract awards; the Company’s ability to increase prices to raise margins or offset higher input costs; increasing commodity and other raw material costs, particularly in a sustained economic recovery; risks related to facilities expansion, consolidation and alignment, including the amounts of related costs and charges and that anticipated cost savings may not be achieved; global economic uncertainty, 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 Company or equity market expectations; 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 or shipment delays arising from quality or production issues; risks associated with international operations and sales, including foreign currency fluctuations and compliance with the Foreign Corrupt Practices Act; the Company’s ability to comply with complex laws and regulations applicable to U.S. government contractors; the impact of severe weather or natural disasters that may affect the Company, its suppliers or its customers; cyber security risks and costs of defending against, mitigating and responding to a data security breach; and risks related to 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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