Oshkosh Truck Corporation (NYSE: OSK): $3.2 Billion, All-Cash
Transaction Creates Global Specialty Vehicle Manufacturer with $6
Billion in Revenue JLG, Market Leader in Aerial Work Platforms and
Telehandlers, to Become Oshkosh Truck�s Fourth Segment Expected to
be Accretive in First Year and to Generate Significant Pre-Tax
Synergies Oshkosh Truck Corporation (NYSE: OSK) today announced it
has signed a definitive agreement to acquire JLG Industries, Inc.
(NYSE: JLG), the global leader in aerial work platforms and
telehandler vehicles. Oshkosh will acquire all outstanding shares
of JLG for $28 per share. Total consideration, including
transaction costs and assumed debt, is $3.2 billion in cash on a
fully diluted basis. This transaction will create a $6 billion
global specialty vehicle manufacturer. �We have consistently
executed strategies to grow this company, creating significant
shareholder value during the last decade,� said Robert G. Bohn,
Oshkosh�s chairman, president and chief executive officer. �The
acquisition of JLG is the latest broad-based initiative in the
continuing transformation of Oshkosh Truck Corporation. It is
aligned with our historic acquisition strategy as we expand into
complementary markets and it will be instrumental in building our
global focus and scale that are increasingly needed to continue to
be successful. It also meets our major acquisition criteria, which
include market leadership, strong management, double digit growth
opportunities and the expectation of earnings in excess of our cost
of capital.� JLG had $2.3 billion in revenues during fiscal 2006
and has estimated a 20 to 25 percent increase in sales in fiscal
2007. It has the top market position in North America and Europe
for aerial work platforms and is the top producer of telehandlers
in the United States. JLG placed 22nd on FORTUNE magazine's 2006
list of the 100 Fastest-Growing Companies. The ranking was based on
three-year profit and sales growth through the first quarter of
2006 and three-year total return to shareholders. �This transaction
is a good fit for JLG,� stated William M. Lasky, chairman,
president and chief executive officer of JLG. �Oshkosh has a
similar philosophy of offering premier products, creating strong
market positions and delivering after-sales service and support.
For the JLG team, this combination offers additional growth
opportunities. For our customers, JLG will become an even stronger
partner in their future success. We look forward to working with
the Oshkosh management team to ensure a rapid and seamless
transition.� �We are excited about the addition of this
market-leading, global company and expect a smooth integration into
the Oshkosh family. At the same time, we expect to realize
substantial purchasing and logistical synergies, while benefiting
from JLG�s already outstanding manufacturing operations. We have a
long history of successful acquisitions and expect to build on that
history,� Bohn added. Details of the Transaction The transaction is
expected to be modestly accretive to Oshkosh�s earnings per share
in fiscal 2007 after giving effect to estimated non-cash charges
relating to amortization of acquired intangibles and other one-time
accounting and transaction-related costs. Oshkosh will finance the
transaction with a $3.5 billion senior credit facility provided by
Bank of America, N.A. and JPMorgan Chase Bank, N.A. and retire most
of JLG�s currently outstanding debt. The acquisition has been
approved by the Board of Directors of each company and is subject
to customary closing conditions, including approval under
Hart-Scott-Rodino and similar laws outside the U.S. and the
approval by the shareholders of JLG. The transaction is expected to
be completed within ninety days. Upon completion of the
transaction, JLG will become the largest of four business segments
of Oshkosh. It continues the diversification of the company. In
fiscal 2008, the first full fiscal year of Oshkosh�s expected
ownership of JLG, Oshkosh estimates that JLG will represent
approximately 40 percent of its consolidated sales and operating
income. �We are pleased to be bringing a solid company like JLG
into Oshkosh Truck. Their product leadership and innovative culture
will be a great fit with our approach. It is evident from the
strong reactions of both Boards that we have an opportunity to do
something very special,� added Bohn. JLG: A Market Leader in Aerial
Access Equipment JLG is the leading manufacturer of access
equipment including aerial work platforms and telehandlers. The
company primarily serves the construction market, with customers
such as equipment rental companies, construction contractors and
other manufacturing or industrial companies. The JLG portfolio of
leading brands - JLG�, SkyTrak�, Gradall� and Lull� - is renowned
for its premium quality, low total cost of ownership and advanced
technologies. The company also provides aftermarket support,
including parts, service and reconditioning. JLG is the worldwide
leader in aerial work platforms, including boom lifts, scissor
lifts and vertical mast lifts. These are marketed under the JLG�
brand and accounted for approximately half of JLG�s fiscal 2006
sales. JLG is also the North American leader, offering multiple
brands, in the sale of a broad line of telehandlers, including
all-wheel-steer, rear-pivot, traversing boom and horizontal-loading
designs for commercial and military applications. During the past
several years, JLG completed a major realignment of its
manufacturing facilities in the United States, Belgium and France.
Consequently, Oshkosh has no plans at this time to make any
significant changes to its combined manufacturing asset base or
work force. JLG�s global reach is extensive, with sales and service
centers on six continents, in addition to the three countries where
it manufactures. �Oshkosh has significant experience in the
aftermarket parts and service sector. We believe our global
distribution network and operational expertise will help us to
increase JLG�s non-equipment sales and expand services to their
customers,� added Bohn. Conference Call and Webcast Information
Oshkosh Truck and JLG will host a joint conference call at 9:00
a.m. Eastern Time on Monday, October 16, 2006, to discuss the
transaction. To participate in the conference call, please dial
877-709-8150. For international parties, please dial 201-689-8354.
There will also be a live webcast of the conference call on
www.oshkoshtruckcorporation.com. The webcast will be archived on
the company�s web site for approximately 12 months. About Oshkosh
Truck Oshkosh Truck Corporation is a leading designer, manufacturer
and marketer of a broad range of specialty commercial, fire and
emergency and military vehicles and bodies. Oshkosh's products are
valued worldwide by 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. 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, that could
cause actual results to differ materially from those expressed or
implied by such forward-looking statements. These factors include
the challenges of integrating acquired businesses including JLG,
the Company�s ability to continue the turnaround of its Geesink
Norba Group business, the cyclical nature of the Company�s
commercial and fire and emergency markets, risks related to
reductions in government expenditures, the uncertainty of
government contracts, the availability of defense truck carcasses
for remanufacturing, risks associated with the implementation of an
enterprise resource planning system at McNeilus�; the success of
the Revolution� composite concrete mixer drum, the availability of
commercial chassis and certain chassis components including
engines, and risks associated with international operations and
sales, including foreign currency fluctuations. In addition, the
Company�s expectations for fiscal 2007 are based in part on certain
assumptions made by the Company, including without limitation those
relating to the Company�s ability to integrate acquired businesses
including JLG and achieve targeted synergies; the Company�s ability
to continue the turnaround of the business of the Geesink Norba
Group sufficiently to support its current valuation resulting in no
non-cash impairment charge for Geesink Norba Group goodwill; the
Company�s ability to sustain flat operating income in the
commercial segment and to raise operating income in its fire and
emergency segment in fiscal 2007 despite anticipated lower industry
demand resulting from changes to diesel engine emissions standards
effective January 1, 2007; the Company�s estimates for the level of
concrete placement activity, housing starts and mortgage rates; the
performance of the U.S. and European economies generally; the
Company�s expectations as to timing of receipt of sales orders and
payments and execution and funding of defense contracts; the
Company�s ability to achieve cost reductions and operating
efficiencies, in particular at McNeilus and the Geesink Norba
Group; the anticipated level of production and margins associated
with the Family of Heavy Tactical Vehicles contract, the Indefinite
Demand/Indefinite Quantity truck remanufacturing contract, the MTVR
follow-on contract and international defense truck contracts; the
expected level of U.S. Department of Defense procurement of
replacement parts and services and funding thereof; the Company�s
estimates for capital expenditures of municipalities for fire and
emergency and refuse products, of airports for aircraft rescue and
snow removal products and of large commercial waste haulers
generally and with the Company; federal funding levels for U.S.
Department of Homeland Security and spending by governmental
entities on homeland security apparatus; the availability of
chassis components including engines and commercial chassis
generally; the Company�s planned spending on product development
and bid and proposal activities with respect to defense truck
procurement competitions and the outcome of such competitions; the
expected level of commercial �package� body and purchased chassis
sales compared to �body only� sales; the Company�s estimates of the
impact of changing fuel prices and credit availability on capital
spending of towing operators; anticipated levels of capital
expenditures; the Company�s estimates for costs relating to
litigation, acquisition investigation, product warranty, insurance,
stock options and restricted stock awards, personnel and raw
materials; the Company�s ability to negotiate expiring union
contracts on a satisfactory basis; and the Company�s estimates for
debt levels, interest rates, working capital needs and effective
tax rates. Additional information concerning these and other
factors is contained in the Company�s filings with the Securities
and Exchange Commission, including the Form 8-K filed today.
Additional Information and Where to Find It This press release may
be deemed to be solicitation material in respect of the proposed
acquisition of JLG Industries by Oshkosh Truck. In connection with
the proposed acquisition, JLG Industries plans to file a proxy
statement with the SEC. INVESTORS AND SECURITY HOLDERS OF JLG
INDUSTRIES ARE ADVISED TO READ THE PROXY STATEMENT AND ANY OTHER
RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE
BECAUSE THOSE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT
THE PROPOSED ACQUISITION. The final proxy statement will be mailed
to shareholders of JLG Industries. Investors and security holders
may obtain a free copy of the proxy statement when it becomes
available, and other documents filed by JLG Industries with the
SEC, at the SEC�s web site at http://www.sec.gov. Free copies of
the proxy statement, when it becomes available, and JLG Industries�
other filings with the SEC may also be obtained from JLG
Industries. Free copies of JLG Industries� filings may be obtained
by directing a request to JLG Industries, Inc., 13224 Fountainhead
Plaza, Hagerstown, Maryland 21742-2678, Attention: Investor
Relations. Oshkosh Truck, JLG Industries and their respective
directors, executive officers and other members of their management
and employees may be deemed to be soliciting proxies from JLG
Industries� shareholders in favor of the proposed acquisition.
Information regarding Oshkosh Truck�s directors and executive
officers is available in Oshkosh Truck�s proxy statement for its
2006 annual meeting of shareholders, which was filed with the SEC
on December 20, 2005. Information regarding JLG Industries�
directors and executive officers is available in JLG Industries�
proxy statement for its 2006 annual meeting of shareholders, which
was filed with the SEC on October 2, 2006. Additional information
regarding the interests of such potential participants will be
included in the proxy statement and the other relevant documents
filed with the SEC when they become available. Oshkosh Truck
Corporation (NYSE: OSK): -- $3.2 Billion, All-Cash Transaction
Creates Global Specialty Vehicle Manufacturer with $6 Billion in
Revenue -- JLG, Market Leader in Aerial Work Platforms and
Telehandlers, to Become Oshkosh Truck's Fourth Segment -- Expected
to be Accretive in First Year and to Generate Significant Pre-Tax
Synergies Oshkosh Truck Corporation (NYSE: OSK) today announced it
has signed a definitive agreement to acquire JLG Industries, Inc.
(NYSE: JLG), the global leader in aerial work platforms and
telehandler vehicles. Oshkosh will acquire all outstanding shares
of JLG for $28 per share. Total consideration, including
transaction costs and assumed debt, is $3.2 billion in cash on a
fully diluted basis. This transaction will create a $6 billion
global specialty vehicle manufacturer. "We have consistently
executed strategies to grow this company, creating significant
shareholder value during the last decade," said Robert G. Bohn,
Oshkosh's chairman, president and chief executive officer. "The
acquisition of JLG is the latest broad-based initiative in the
continuing transformation of Oshkosh Truck Corporation. It is
aligned with our historic acquisition strategy as we expand into
complementary markets and it will be instrumental in building our
global focus and scale that are increasingly needed to continue to
be successful. It also meets our major acquisition criteria, which
include market leadership, strong management, double digit growth
opportunities and the expectation of earnings in excess of our cost
of capital." JLG had $2.3 billion in revenues during fiscal 2006
and has estimated a 20 to 25 percent increase in sales in fiscal
2007. It has the top market position in North America and Europe
for aerial work platforms and is the top producer of telehandlers
in the United States. JLG placed 22nd on FORTUNE magazine's 2006
list of the 100 Fastest-Growing Companies. The ranking was based on
three-year profit and sales growth through the first quarter of
2006 and three-year total return to shareholders. "This transaction
is a good fit for JLG," stated William M. Lasky, chairman,
president and chief executive officer of JLG. "Oshkosh has a
similar philosophy of offering premier products, creating strong
market positions and delivering after-sales service and support.
For the JLG team, this combination offers additional growth
opportunities. For our customers, JLG will become an even stronger
partner in their future success. We look forward to working with
the Oshkosh management team to ensure a rapid and seamless
transition." "We are excited about the addition of this
market-leading, global company and expect a smooth integration into
the Oshkosh family. At the same time, we expect to realize
substantial purchasing and logistical synergies, while benefiting
from JLG's already outstanding manufacturing operations. We have a
long history of successful acquisitions and expect to build on that
history," Bohn added. Details of the Transaction The transaction is
expected to be modestly accretive to Oshkosh's earnings per share
in fiscal 2007 after giving effect to estimated non-cash charges
relating to amortization of acquired intangibles and other one-time
accounting and transaction-related costs. Oshkosh will finance the
transaction with a $3.5 billion senior credit facility provided by
Bank of America, N.A. and JPMorgan Chase Bank, N.A. and retire most
of JLG's currently outstanding debt. The acquisition has been
approved by the Board of Directors of each company and is subject
to customary closing conditions, including approval under
Hart-Scott-Rodino and similar laws outside the U.S. and the
approval by the shareholders of JLG. The transaction is expected to
be completed within ninety days. Upon completion of the
transaction, JLG will become the largest of four business segments
of Oshkosh. It continues the diversification of the company. In
fiscal 2008, the first full fiscal year of Oshkosh's expected
ownership of JLG, Oshkosh estimates that JLG will represent
approximately 40 percent of its consolidated sales and operating
income. "We are pleased to be bringing a solid company like JLG
into Oshkosh Truck. Their product leadership and innovative culture
will be a great fit with our approach. It is evident from the
strong reactions of both Boards that we have an opportunity to do
something very special," added Bohn. JLG: A Market Leader in Aerial
Access Equipment JLG is the leading manufacturer of access
equipment including aerial work platforms and telehandlers. The
company primarily serves the construction market, with customers
such as equipment rental companies, construction contractors and
other manufacturing or industrial companies. The JLG portfolio of
leading brands - JLG(R), SkyTrak(R), Gradall(R) and Lull(R) - is
renowned for its premium quality, low total cost of ownership and
advanced technologies. The company also provides aftermarket
support, including parts, service and reconditioning. JLG is the
worldwide leader in aerial work platforms, including boom lifts,
scissor lifts and vertical mast lifts. These are marketed under the
JLG(R) brand and accounted for approximately half of JLG's fiscal
2006 sales. JLG is also the North American leader, offering
multiple brands, in the sale of a broad line of telehandlers,
including all-wheel-steer, rear-pivot, traversing boom and
horizontal-loading designs for commercial and military
applications. During the past several years, JLG completed a major
realignment of its manufacturing facilities in the United States,
Belgium and France. Consequently, Oshkosh has no plans at this time
to make any significant changes to its combined manufacturing asset
base or work force. JLG's global reach is extensive, with sales and
service centers on six continents, in addition to the three
countries where it manufactures. "Oshkosh has significant
experience in the aftermarket parts and service sector. We believe
our global distribution network and operational expertise will help
us to increase JLG's non-equipment sales and expand services to
their customers," added Bohn. Conference Call and Webcast
Information Oshkosh Truck and JLG will host a joint conference call
at 9:00 a.m. Eastern Time on Monday, October 16, 2006, to discuss
the transaction. To participate in the conference call, please dial
877-709-8150. For international parties, please dial 201-689-8354.
There will also be a live webcast of the conference call on
www.oshkoshtruckcorporation.com. The webcast will be archived on
the company's web site for approximately 12 months. About Oshkosh
Truck Oshkosh Truck Corporation is a leading designer, manufacturer
and marketer of a broad range of specialty commercial, fire and
emergency and military vehicles and bodies. Oshkosh's products are
valued worldwide by 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. 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, that could
cause actual results to differ materially from those expressed or
implied by such forward-looking statements. These factors include
the challenges of integrating acquired businesses including JLG,
the Company's ability to continue the turnaround of its Geesink
Norba Group business, the cyclical nature of the Company's
commercial and fire and emergency markets, risks related to
reductions in government expenditures, the uncertainty of
government contracts, the availability of defense truck carcasses
for remanufacturing, risks associated with the implementation of an
enterprise resource planning system at McNeilus(R); the success of
the Revolution(R) composite concrete mixer drum, the availability
of commercial chassis and certain chassis components including
engines, and risks associated with international operations and
sales, including foreign currency fluctuations. In addition, the
Company's expectations for fiscal 2007 are based in part on certain
assumptions made by the Company, including without limitation those
relating to the Company's ability to integrate acquired businesses
including JLG and achieve targeted synergies; the Company's ability
to continue the turnaround of the business of the Geesink Norba
Group sufficiently to support its current valuation resulting in no
non-cash impairment charge for Geesink Norba Group goodwill; the
Company's ability to sustain flat operating income in the
commercial segment and to raise operating income in its fire and
emergency segment in fiscal 2007 despite anticipated lower industry
demand resulting from changes to diesel engine emissions standards
effective January 1, 2007; the Company's estimates for the level of
concrete placement activity, housing starts and mortgage rates; the
performance of the U.S. and European economies generally; the
Company's expectations as to timing of receipt of sales orders and
payments and execution and funding of defense contracts; the
Company's ability to achieve cost reductions and operating
efficiencies, in particular at McNeilus and the Geesink Norba
Group; the anticipated level of production and margins associated
with the Family of Heavy Tactical Vehicles contract, the Indefinite
Demand/Indefinite Quantity truck remanufacturing contract, the MTVR
follow-on contract and international defense truck contracts; the
expected level of U.S. Department of Defense procurement of
replacement parts and services and funding thereof; the Company's
estimates for capital expenditures of municipalities for fire and
emergency and refuse products, of airports for aircraft rescue and
snow removal products and of large commercial waste haulers
generally and with the Company; federal funding levels for U.S.
Department of Homeland Security and spending by governmental
entities on homeland security apparatus; the availability of
chassis components including engines and commercial chassis
generally; the Company's planned spending on product development
and bid and proposal activities with respect to defense truck
procurement competitions and the outcome of such competitions; the
expected level of commercial "package" body and purchased chassis
sales compared to "body only" sales; the Company's estimates of the
impact of changing fuel prices and credit availability on capital
spending of towing operators; anticipated levels of capital
expenditures; the Company's estimates for costs relating to
litigation, acquisition investigation, product warranty, insurance,
stock options and restricted stock awards, personnel and raw
materials; the Company's ability to negotiate expiring union
contracts on a satisfactory basis; and the Company's estimates for
debt levels, interest rates, working capital needs and effective
tax rates. Additional information concerning these and other
factors is contained in the Company's filings with the Securities
and Exchange Commission, including the Form 8-K filed today.
Additional Information and Where to Find It This press release may
be deemed to be solicitation material in respect of the proposed
acquisition of JLG Industries by Oshkosh Truck. In connection with
the proposed acquisition, JLG Industries plans to file a proxy
statement with the SEC. INVESTORS AND SECURITY HOLDERS OF JLG
INDUSTRIES ARE ADVISED TO READ THE PROXY STATEMENT AND ANY OTHER
RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE
BECAUSE THOSE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT
THE PROPOSED ACQUISITION. The final proxy statement will be mailed
to shareholders of JLG Industries. Investors and security holders
may obtain a free copy of the proxy statement when it becomes
available, and other documents filed by JLG Industries with the
SEC, at the SEC's web site at http://www.sec.gov. Free copies of
the proxy statement, when it becomes available, and JLG Industries'
other filings with the SEC may also be obtained from JLG
Industries. Free copies of JLG Industries' filings may be obtained
by directing a request to JLG Industries, Inc., 13224 Fountainhead
Plaza, Hagerstown, Maryland 21742-2678, Attention: Investor
Relations. Oshkosh Truck, JLG Industries and their respective
directors, executive officers and other members of their management
and employees may be deemed to be soliciting proxies from JLG
Industries' shareholders in favor of the proposed acquisition.
Information regarding Oshkosh Truck's directors and executive
officers is available in Oshkosh Truck's proxy statement for its
2006 annual meeting of shareholders, which was filed with the SEC
on December 20, 2005. Information regarding JLG Industries'
directors and executive officers is available in JLG Industries'
proxy statement for its 2006 annual meeting of shareholders, which
was filed with the SEC on October 2, 2006. Additional information
regarding the interests of such potential participants will be
included in the proxy statement and the other relevant documents
filed with the SEC when they become available.
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