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Oshkosh Corporation Funded to Research Stronger but Lighter Metals

01/20/2010

OSHKOSH, Wis., Jan 20, 2010 (BUSINESS WIRE) -- Oshkosh Corporation (NYSE:OSK) announced today that the National Institute of Standards and Technology (NIST) has awarded research funding to the joint-development team on which Oshkosh is a member. The Technology Innovation Program (TIP) funding is projected to be nearly $5 million over a five-year duration. With the team providing in-kind contribution of engineering resources, the project's total value is approximately $10 million.

The goal of this project is to produce lighter weight metal castings of aluminum and magnesium that will have the strength of cast steel for commercial-scale production. Through NIST's funding of this project, Oshkosh and its partners can explore the use of nanocomposites beyond their current use in simple, uncomplicated moldings into larger, more complex metal castings. The work will expand on laboratory tests conducted by the team's project leader, the University of Wisconsin-Madison.

"The NIST's TIP awards are not just an honor to receive, but proof of Oshkosh's position at the cutting edge of manufacturing technology and innovation," said Donald H. Verhoff, Oshkosh Corporation executive vice president of technology. "Staying at the forefront of technological innovation allows us to better serve our customers and to compete in the global marketplace."

Nanoparticles are extremely small particles, much smaller than a human hair or red blood cells. Due to the extremely small particle size, dispersing them homogeneously throughout the casting volume is the biggest challenge.

The project will aid research on the development of a casting technology whereby lighter metals are strengthened with nanoparticles in large-scale production resulting in metals that are just as strong as their heavier counterparts.

This research will hopefully generate benefits in defense and commercial truck manufacturing, enable transformative changes in multiple industries, directly address the critical national needs of reducing oil dependency, lower greenhouse gas emissions and help maintain U.S. leadership in manufacturing.

Other members of the research team include Eck Industries, Inc. of Manitowoc, Wis., Nanostructured & Amorphous Materials, Inc. of Houston, Texas and the Wisconsin Alumni Research Foundation (WARF) of Madison, Wis. The team proposed its research on transformational casting technology for the fabrication of ultra-high performance lightweight aluminum and magnesium nanocomposites under the category of practical application of advanced materials including nanomaterials, advanced alloys and composites in manufacturing.

The TIP competition seeks to support, promote and accelerate innovation in the United States through high-risk, high-reward research in areas of critical national need. Entries were selected based on merit via a multidisciplinary peer-review process. NIST is a nonregulatory agency of the U.S. Department of Commerce that promotes U.S. innovation and industrial competitiveness by advancing measurement science, standards and technology in ways that enhance economic security and improve our quality of life.

About Oshkosh Corporation

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 Corp. manufactures, distributes and services products under the brands of Oshkosh(R), JLG(R), Pierce(R), McNeilus(R), Medtec(R), Jerr-Dan(R), Oshkosh Specialty Vehicles, Frontline(TM), SMIT(TM), CON-E-CO(R), London(R) and IMT(R). Oshkosh products are valued worldwide in businesses where high quality, superior performance, rugged reliability and long-term value are paramount. For more information, log on to 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 risks related to the required increase in the rate of production for the M-ATV contract and the amount, if any, of additional orders for M-ATVs that the Company may receive; the cyclical nature of the Company's access equipment, commercial and fire & emergency markets, especially during a global recession and credit crisis; the duration of the global recession, which could lead to additional impairment charges related to many of the Company's intangible assets; the expected level and timing of U.S. Department of Defense procurement of products and services and funding thereof, including the outcome of the formal protests of the Family of Medium Tactical Vehicles (FMTV) award to the Company; risks related to reductions in government expenditures and the uncertainty of government contracts; the consequences of financial leverage associated with the JLG acquisition, which could limit the Company's ability to pursue various opportunities; risks related to the collectability of receivables during a recession, particularly for those businesses with exposure to construction markets; risks related to production delays as a result of the economy's impact on the Company's suppliers; the potential for commodity costs to rise sharply, including in a future economic recovery; risks associated with international operations and sales, including foreign currency fluctuations; and the potential for increased costs relating to compliance with changes in laws and regulations. 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.

SOURCE: Oshkosh Corporation

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