Northrop Grumman (ticker: NOC, exchange: New York Stock Exchange (.N))
News Release -
Northrop Grumman and Oshkosh Truck Corporation Join Forces to Pursue Joint Light Tactical Vehicle Program
RESTON, Va. and OSHKOSH, Wis., Jan. 8, 2008 (PRIME NEWSWIRE) -- Northrop Grumman Corporation (NYSE:NOC) and Oshkosh Truck Corporation (NYSE:OSK) have teamed to compete for the U.S. military's next-generation family of lightweight vehicles.
Under the agreement announced today, if selected for the Joint Light Tactical Vehicle Technology Demonstration (JLTV) program, Northrop Grumman's Mission Systems sector will be the prime contractor and systems integrator. Oshkosh Truck's Defense Group will be responsible for designing, engineering and manufacturing the vehicle.
The innovation and experience of both companies, along with the technology, power and an innovative approach, set this team apart from other providers.
"Northrop Grumman brings enormous experience in the design, development and systems integration of complex mission equipment on military platforms," said Ronald D. Sugar, Northrop Grumman chairman and chief executive officer. "The fusion of this expertise with Oshkosh Truck's unparalleled capability in advanced extreme-duty vehicles enables our team to deliver the best JLTV solution to our nation's warfighters."
The urgent need to meet JLTV survivability requirements and situational awareness without sacrificing mobility requires an innovative approach to vehicle development. "Oshkosh Truck has proven its vehicles work in actual rugged conditions -- and not just on a tradeshow floor. By working together with Northrop Grumman and our partners, Oshkosh can provide the total package to meet the military's vehicle needs and ultimately help protect soldiers and Marines," said Robert G. Bohn, chairman and chief executive officer of Oshkosh Truck Corporation.
The U.S. Department of Defense plans to acquire the JLTV for use by the U.S. Army and U.S. Marine Corps. As currently envisioned, the JLTV will be stronger and more survivable than current tactical vehicles in its class. It also will be more mobile and maneuverable than the mine-resistant ambush-protected vehicle, or MRAP, being widely deployed in Iraq.
Northrop Grumman integrates a broad spectrum of critical joint combat and C4ISR platforms. Among other technologies, it currently supports the ground component tactical commander as the prime contractor for the Army's Command Post Platform, a high-tech tactical operations center used by brigade-level battlefield commanders to direct operations and control forces. The company is also the prime contractor for the combat-proven Force XXI Battle Command Brigade and Below (FBCB2)/Blue Force Tracking (BFT) and Command and Control Personal Computer (C2PC) programs that have enabled tactical battle command throughout the theater of operations for both Army and Marine combat formations.
Oshkosh Truck has nine decades of proven experience developing advanced automotive systems, on/off road capabilities, extreme-duty vehicle platforms, military vehicles and integrated armor solutions. Oshkosh Truck's JLTV vehicle development capabilities were recognized in 2005 with the award of a design concept contract for the JLTV by the U.S. Office of Naval Research. Oshkosh Truck has advanced on-board vehicle power capabilities on two prototype vehicles: the Marine Corps' Medium Tactical Vehicle Replacement (MTVR) and the U.S. Army's Heavy Expanded Mobility Tactical Truck (HEMTT). Dubbed the HEMTT A3, the vehicle is equipped with ProPulse(r) diesel-electric drive technology which improves fuel efficiency by at least 20 percent over current HEMTT models. Both prototypes have the capability to produce 100 kilowatts or more of military-grade electric service for external use.
About Northrop Grumman Corporation
Northrop Grumman Corporation is a $31.5 billion global defense and technology company whose 120,000 employees provide innovative systems, products, and solutions in information and services, electronics, aerospace and shipbuilding to government and commercial customers worldwide.
About Oshkosh Truck Corporation
Oshkosh Truck Corporation is a leading designer, manufacturer and marketer of a broad range of specialty access equipment, commercial, fire and emergency and military vehicles and vehicle bodies. Oshkosh's products are valued worldwide by rental companies, 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 For more information about Oshkosh Truck Corporation, log onto the company Web site at www.oshkoshtruckcorporation.com
Oshkosh Truck Corporation Forward-Looking Statements
This press release contains statements that the company believes are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including statements regarding the company's future financial position, business strategy, targets, projected sales, costs, earnings, capital spending and debt levels, and plans and objectives of management for future operations, are forward-looking statements. When used in this press release, words such as "expects," "intends," "estimates," "anticipates," or "believes" and similar expressions 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 cyclical nature of the company's markets, the company's ability to successfully integrate the JLG acquisition, the consequences of financial leverage associated with the JLG acquisition, risks related to reductions in government expenditures, the uncertainty of government contracts and the company's ability to turnaround its Geesink Norba Group business. Additional information concerning these and other factors is contained in the Company's filings with the Securities and Exchange Commission.
CONTACT: Northrop Grumman Corporation
Oshkosh Truck Corporation