Oshkosh Truck Closes Deal for Geesink Norba Group

    OSHKOSH, Wis.--July 25, 2001--Oshkosh Truck Corporation , a leading manufacturer of specialty trucks and truck bodies, announced today it has completed the purchase of 100 percent of the stock of the Geesink Norba Group. Geesink Norba is a leading European manufacturer of refuse collection truck bodies, mobile and stationary compactors, and transfer stations under the Geesink(R) and Norba(R) brands.
    "We expect Geesink Norba to help Oshkosh meet its long-term growth targets and add to our profitability quickly. We are confident that the coming months will clearly demonstrate what an exceptional development this is for Oshkosh," said Robert G. Bohn, chairman, president and chief executive officer of Oshkosh Truck.
    Geesink Norba provides Oshkosh immediate and significant market penetration into the growing European refuse industry. The acquisition makes Oshkosh one of the world's largest producers of refuse collection vehicle bodies, which fits precisely within the company's overall market strategy of niche market leadership.
    Further, it strengthens Oshkosh's position in the global market with an expansive, direct-distribution network, which can be leveraged across other product lines.
    Finally, the company expects Geesink Norba to become an accretive addition to the company's earnings within the first year as synergies deliver to the bottom line.
    The was financed via an amendment to Oshkosh's Senior Credit Facility that added a $140 million Term Loan B. Further financial details will be discussed during Oshkosh's fiscal 2001 third quarter earnings conference call at 11:00 a.m. eastern standard time on Friday, July 27. The conference call will be available simultaneously, in a listen-only format, via webcast. To access the webcast, investors should go to www.oshkoshtruck.com at least 15 minutes prior to the event.
    Geesink Norba will operate as a subsidiary of Oshkosh Truck Corporation as part of the company's commercial segment. Currently, Geesink Norba has locations in the Netherlands, Sweden, United Kingdom, France, Germany, Italy, Spain, Belgium, Denmark, and Poland. In addition, it has exclusive distributorship arrangements in Finland, Norway, Austria, Switzerland, Ireland, Greece and Israel.