Oshkosh Truck Subsidiary, McNeilus, Unveils Revolutionary Composite Ready Mix Drum

OSHKOSH, Wis.--March 19, 2002-- McNeilus Companies Inc., North America's leading manufacturer of concrete mixers, announced today it is introducing the first composite ready mix drum, appropriately named Revolution(TM), to the U.S. ready mix industry. The new, composite-material drum weighs a full 2,000 pounds less than a comparably sized steel drum.

Because of its reduced weight, the Revolution mixer can carry approximately one-half cubic yard more concrete in every load, thus increasing its productivity. In addition, the drum mixes more efficiently, is more durable, reduces mixer noise, and insulates the concrete load on both hot and cold days.

The new Revolution composite drum was unveiled at the 2002 ConAgg-ConExpo in Las Vegas on March 19, booth #S 10001. ConAgg is the largest trade show in the Western Hemisphere for the construction, aggregates and ready mixed concrete industries.

``We believe that the Revolution drum's introduction is the single greatest industry advancement since the first truck-mounted mixers back in the 1930s. This will turn the corner on a new era in our industry,'' said Robert G. Bohn, Oshkosh chairman, president and chief executive officer. ``But this is more than an interesting technological accomplishment. It will mean increased efficiency and profitability for our customers.''

In addition to higher capacities due to the reduced weight, the drum offers ready mix producers a variety of benefits:

This unique drum technology integrates auto-reversing fins into the drum shell to improve mixing and discharge speed and efficiency. The unique fin design and smooth, polyurethane interior greatly minimize concrete build up, so routine cleaning and maintenance are reduced dramatically. The drum is expected to be more durable with a longer life than a typical steel drum. Corrosion is virtually eliminated because the drum is manufactured from composite material. The Revolution drum shell works like an insulated liner to keep the ready mix at a more controlled temperature on both hot and cold days. The composite material deadens sound, reducing noise during dry and wet batch operations. The reduced noise may allow ready mix producers to extend their hours of operation without objection. McNeilus, in conjunction with its parent company, Oshkosh Truck Corporation, plans to extend the use of this technology to additional drum sizes and to its S-Series line of front-discharge concrete mixers. Weight savings on front-discharge mixers will be similar to that achieved on rear-discharge designs.

``Reducing vehicle weight without affecting performance or reliability is the single most important purchase consideration for ready mix producers,'' said Bohn.

``We normally work diligently to shave ounces, or perhaps a few pounds. You can only imagine our excitement when we realized that the actual weight savings on the Revolution mixer is measured in thousands of pounds,'' continued Bohn.

McNeilus Companies, in conjunction with a team led by its Australian partner, Anthony Khouri, invested more than $10 million over the past four years in exhaustive research, engineering, prototype build and testing to develop this technology. McNeilus will invest an additional $15 to $20 million in capital during fiscal 2003 and fiscal 2004 to roll out this product. Field testing conducted with leading ready mix producers in Ohio, California, and Minnesota have demonstrated the mixer's performance.

The company is confident that ready mix producers will see a short-term payback and is offering a free Return-On-Investment (ROI) analysis for ready mix producers through the company's sales representatives.

The 11-cubic-yard Revolution mixer drum is sized at 497 cubic feet. It features a 42-inch-wide drum opening and 244 square inch inspection hatch.

McNeilus is planning for steady, but limited, production in fiscal 2002, with full-rate production scheduled for fiscal 2004. In addition, the company plans to enter the European ready mix market on a limited basis with this technology. Global patent applications for the new design are in process.

Oshkosh Truck Corporation is a leading manufacturer of specialty trucks and truck bodies for the fire and emergency, defense, concrete placement and refuse hauling markets. Products are marketed under the Oshkosh, Pierce, McNeilus, Geesink, Norba and Medtec brand names. The company is headquartered in Oshkosh, Wis., and had annual sales of $1.45 billion in fiscal 2001.