Oshkosh Truck to Acquire European Fire Equipment CompaniesOSHKOSH, Wis.--July 19, 2004--Oshkosh Truck Corporation , a leading manufacturer of specialty trucks and truck bodies, has agreed to acquire 75% of the outstanding quotas (ownership interests) of BAI Brescia Antincendi International S.r.l. (BAI) and BAI Tecnica S.r.l. (Tecnica) from the current shareholders for EUR 15 million. Oshkosh has the option to acquire the remaining 25% of these Italian-based companies after three years. BAI sells municipal and airport fire trucks, and Tecnica sells firefighting equipment, worldwide. Combined annual sales are more than EUR 30 million.
These acquisitions strengthen Oshkosh's position as the leading manufacturer of fire apparatus worldwide. The company already markets the leading municipal fire apparatus under its Pierce brand and the leading U.S. airport fire apparatus under the Oshkosh name. It further solidifies Oshkosh's position as an international specialty truck and truck body manufacturer as well, with a broadening of its product lines and distribution throughout Europe and the Middle East.
"This acquisition provides a platform for global expansion and continues our long-term strategies of market leadership within growing, specialty markets. BAI also has a reputation for premium quality and innovation that fits well with our brand reputation in the fire market," said Robert G. Bohn, Oshkosh's chairman, president and chief executive officer.
BAI sells a complete line of municipal and industrial fire apparatus as well as rescue vehicles designed to meet the needs of European fire departments and export sales primarily to the Middle East and North Africa.
"We see an excellent opportunity for sharing technologies and best-practices across the Atlantic between our European and U.S. fire truck subsidiaries," expanded Bohn.
BAI and Tecnica will operate as subsidiaries of Oshkosh Truck Corporation and will be part of the corporation's fire and emergency business. Completion of the transaction is subject to certain customary conditions and is expected to occur later this month. Oshkosh expects to finance the acquisition from available credit facilities. The company would expect to provide additional financial details during its earnings conference call on July 27.
Oshkosh Truck Corporation is a leading manufacturer of specialty trucks and truck bodies for the defense, fire and emergency, concrete placement and refuse hauling markets. Oshkosh Truck is a Fortune 1000 company with products marketed under the Oshkosh(R), Pierce(R), McNeilus(R), Medtec(R), Geesink and Norba brand names. The company is headquartered in Oshkosh, Wis., and had annual sales of $1.9 billion in fiscal 2003.
To learn more about Oshkosh Truck Corporation, visit its web site at www.oshkoshtruckcorporation.com