Oshkosh Corporation, formerly Oshkosh Truck, designs and builds specialty trucks and truck bodies and access equipment. Based in Oshkosh, Wisconsin, the company employs 12,300 people around the world. It is organized in four primary business groups: access equipment, defense, fire and emergency, and commercial.
Billionaire investor Carl Icahn is giving up his bid to buy truck maker Oshkosh after less than 25 percent of the company's shares were tendered before his offer expired.
Cuts in defense spending took a toll on Oshkosh Corp.'s earnings as the truck maker said its quarterly profit fell by nearly two-thirds on lower sales of some military vehicles and parts.
For the first quarter of fiscal 2012, Oshkosh said it earned $38.9 million, or 42 cents a share, down 60.9% from $99.6 million, or $1.09, a year earlier.
Oshkosh...aggressively pursued a five-year, $3 billion U.S. military truck order in 2009, but profit and revenue have slumped in recent quarters as the company is losing money on the deal.
Oshkosh Corp. (OSK) said at least 12 of the 13 Oshkosh-backed nominees were elected to its board, according to preliminary numbers--handing another loss to activist billionaire investor Carl Icahn this month.
Icahn, the company's largest shareholder with a roughly 9.5% stake, nominated six candidates for the Oshkosh board. He has said the slate would support merging Oshkosh with Navistar International Corp. (NAV), another truck maker in which he owns a large stake.
The company aims to build 1,000 of the vehicles per month by the end of this year, up from 46 it built in July after receiving the initial contract on June 30.
Overall, Oshkosh is due to produce about 6,600 of the MRAP All-Terrain Vehicle, or M-ATV. Gates, speaking to reporters on his flight here, said the Pentagon might buy more if President Barack Obama decides to add troops as part of a review of Afghanistan options expected to wind up soon.
U.S. Defense Secretary Robert Gates praised Oshkosh Corporation, according to this website, "for speeding potentially lifesaving all-terrain trucks to US. troops in Afghanistan." It is said that 80 percent of U.S. casualties in Afghanistan is because of roadside bombs. With this new innovation from Oshkosh Truck Corporation, more soldiers’ lives will be saved.
The special suspension is being used in new armored trucks, now being rushed to the front, that are nimble enough to veer off road and avoid the homemade mines that have killed or injured hundreds of soldiers.
It spent $26 billion to buy 16,000 larger trucks — called mine-resistant, ambush-protected vehicles, or MRAPs — for Iraq. But most of them are too bulky to climb mountain passes, and are prone to toppling over on Afghanistan’s steep and rutty roads.
As the threat increases from so-called improvised explosive devices, Oshkosh’s lighter and more agile truck, called an MRAP All-Terrain Vehicle, or M-ATV, will be able to go off road to avoid the bombs and chase insurgents.
Not surprisingly, Oshkosh spokesman John Daggett doesn't see it that way. With two wars winding down, with demands to reduce federal spending and with plans to reshape the military into a smaller, more agile and technologically advanced fighting force, it's not surprising the Army isn't planning to buy as many trucks as it once planned, he said.
[Their] philosophy has earned Oshkosh a leadership position in every truck market in which we compete, including defense, fire and emergency, concrete placement and refuse hauling.
Oshkosh Corporation is a leading manufacturer and marketer of access equipment, specialty vehicles and truck bodies for the primary markets of defense, concrete placement, refuse hauling, access equipment and fire & emergency.