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Oshkosh Corporation Announces Defense Employee Layoffs Slated for June 2013

  Oshkosh Corporation Announces Defense Employee Layoffs Slated for June 2013

Business Wire

OSHKOSH, Wis. -- April 9, 2013

Oshkosh Corporation (NYSE:OSK) announced today that its Defense division plans
to reduce its workforce in Oshkosh by approximately 700 hourly positions
starting in mid-June 2013 and by approximately 200 salaried positions through
July. After the layoffs, Oshkosh will employ approximately 2,800 Defense
employees in Oshkosh.

As discussed on numerous occasions, Oshkosh expects domestic military vehicle
production volumes to decline significantly as the year progresses. The
Company’s lower expected vehicle production is due mainly to the reduction in
U.S. Defense budgets and a return to peacetime spending levels as the U.S.
winds down war activities. Daily production volumes are expected to decline by
approximately 30 percent this summer.

“These were difficult, but necessary decisions,” said John Urias, Oshkosh
Corporation executive vice president and president of Defense. “When other
business segments of Oshkosh and many companies in the U.S. were enduring
layoffs, pay cuts and furloughs during the Great Recession, Oshkosh Defense
was hiring employees and retaining jobs which ended up helping many people
manage through that difficult period. However, circumstances have now
changed.”

Urias went on to say, “We have taken numerous actions to lessen the impact,
including insourcing work customarily done externally, thus saving more than
165 production jobs.”

The Company will be reaching out to the county and state workforce development
agencies, as well as local employers to help those affected by the layoffs
make the transition to other employment if they so desire.

The Company will continue to build high-quality trucks and trailers, and
provide support service and training for its military customers around the
clock and around the world.

About Oshkosh Defense

Oshkosh Defense is a leading provider of tactical wheeled vehicles and life
cycle sustainment services. For more than 90 years, 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^® independent suspension
systems, TerraMax^™ unmanned ground vehicle solutions, Command Zone^™
integrated control and diagnostics system, and ProPulse^® 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.

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

About Oshkosh Corporation

Oshkosh Corporation had sales of $8.1 billion in fiscal 2012 and is ranked
#337 on the Fortune Magazine’s list of the 500 largest publicly traded
companies in the U.S. Oshkosh manufactures in eight U.S. states and seven
countries with sales in 130 countries.

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^®, Jerr-Dan^®, Frontline^™, 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.

^®, ™ 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, especially in the current environment
where there are conflicting signs regarding the global economic outlook and
the ability of the U.S. government to resolve budgetary and debt issues; the
expected level and timing of the 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 ability to comply with
laws and regulations applicable to U.S. government contractors; the 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 the Company’s exit from its ambulance business,
including the amounts of related costs and charges; risks related to
facilities consolidation and alignment, including the amounts of related costs
and charges and that anticipated cost savings may not be achieved; 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
Company or equity market expectations; the potential for the U.S. government
to competitively bid the Company’s Army and Marine Corps contracts; 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; risks
related to actions of activist shareholders; 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.

Contact:

Financial:
Patrick Davidson
Vice President of Investor Relations
920.966.5939
or
Media:
John Daggett
Vice President of Communications
920.233.9247
 
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