Oshkosh Corporation (NYSE: OSK), a leading manufacturer of specialty
vehicles and vehicle bodies, announced today the appointment of a new,
independent director to its Board of Directors: Keith J. Allman,
president and chief executive officer of Masco Corporation. With this
addition, the Oshkosh Board now consists of 13 directors, 12 of whom are
independent.
“We welcome Keith as the newest member of the Oshkosh Corporation Board
of Directors,” said Richard M. Donnelly, Oshkosh Corporation chairman of
the Board of Directors. “Keith brings to Oshkosh a wide array of
business leadership qualities and hands-on experience that will help us
in continuing to drive our MOVE strategy. Keith’s reputation for being a
change agent and process improvement leader in managing global
businesses, along with his leadership skills in strategic planning will
be extremely valuable to Oshkosh’s Board and shareholders.”
Mr. Allman is president and chief executive officer of Masco
Corporation, a global leader in the design, manufacture and distribution
of branded home improvement and building products, operating globally
with $8.5 billion in revenue in 2014. Prior to his current role as
president and chief executive officer, Mr. Allman served as the
Company’s group president for its Plumbing & North American Cabinetry
businesses. He also served as president for Delta Faucet Company, a
worldwide leader in faucets, shower heads, flush valves and related
accessories.
Mr. Allman received his Bachelor of Science degree in Mechanical
Engineering from General Motors Institute (now Kettering University) and
a Master of Business Administration degree from the Stephen M. Ross
School of Business at the University of Michigan.
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®, JLG®, Pierce®, McNeilus®,
Jerr-Dan®, Frontline™, CON-E-CO®, London®
and IMT®. 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, 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, which are
particularly impacted by the strength of U.S. and European economies;
the Company’s estimates of access equipment demand; the strength of the
U.S. dollar and its impact on Company exports, translation of foreign
sales and purchased materials; 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, an uncertain
DoD tactical wheeled vehicle strategy and uncertainties associated with
government contracts; risks related to the JLTV production contract
award that the Company recently received, including those associated
with commencement of production under the contract; the Company’s
ability to finalize international contracts for a significant quantity
of M-ATVs, with sales beginning in fiscal 2016; 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; projected adoption rates of work at height
machinery in emerging markets; the impact of severe weather or natural
disasters that may affect the Company, its suppliers or its customers;
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
compliance with the Foreign Corrupt Practices Act; the Company’s ability
to comply with complex laws and regulations applicable to U.S.
government contractors; cybersecurity 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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