Oshkosh Truck Corporation To List On New York Stock Exchange
OSHKOSH, Wis.--June 27, 2002--Oshkosh Truck Corporation , a diversified manufacturer of defense and commercial trucks and truck bodies, today announced that its common stock will be listed and begin trading on the New York Stock Exchange (NYSE) under the new ticker symbol OSK on July 12, 2002. To commemorate the company's first day of trading, Robert G. Bohn, the company's Chairman, President and Chief Executive Officer, will ring the opening bell at the NYSE on July 12.
The move heralds Oshkosh's emerging position as a global leader in the manufacture and design of commercial and military trucks and truck bodies. The company has expanded its international operations dramatically during the past two years, with more than fifteen percent of annual sales currently generated outside the United States.
"We believe that the NYSE's global focus provides Oshkosh the opportunity to widen its potential investor base by increasing its visibility in both domestic and international markets," said Bohn. "We also think the NYSE marketplace's centrality will deliver measurable savings to our shareholders through reduced transaction costs and more efficient trade executions."
"The Exchange is proud to welcome Oshkosh Truck Corporation to our family of listed companies," said NYSE Chairman and CEO Richard A. Grasso. "Oshkosh Truck is a market leader and an emerging global enterprise that will be well served by the NYSE marketplace. We look forward to our partnership with Oshkosh and its shareholders."
Oshkosh's stock value has risen more than 500 percent over the past five years, one of the reasons cited for its 11th-place ranking on Forbes Magazine's 2002 Platinum 400 List of Best Big Companies. Forbes Magazine also cited the company's long- and short-term growth prospects, return on capital and other performance and valuation measures for its high ranking.
The company has been listed on the Nasdaq Stock Market under the ticker symbol OTRKB since its initial public offering in 1985.
"Nasdaq has been good to Oshkosh Truck. We appreciate its support and high quality of service over the years," added Bohn.
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. Oshkosh Truck is a Fortune 1000 company with products marketed under the Oshkosh, Pierce, McNeilus, Medtec, Geesink and Norba brand names. The company is headquartered in Oshkosh, Wis., and had annual sales of $1.45 billion in fiscal 2001.
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, without limitation, 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 the company "may," "will," "expects," "intends," "estimates," "anticipates," "believes," "should," or "plans" 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, 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 commercial and fire and emergency markets, risks related to reductions in government expenditures, the uncertainty of government contracts, the challenges of identifying, completing and integrating future acquisitions, disruptions in the supply of parts or components from sole source suppliers and subcontractors, competition, and risks associated with international operations and sales, including foreign currency fluctuations. In addition, the company's expectations for fiscal 2002 are based in part on certain assumptions made by the company, including those relating to fiscal 2002 concrete placement activity, the performance of the U.S. and European economies generally, when the company will receive sales orders and payments, achieving cost reductions, sales and margin levels under the MTVR contract and defense programs, capital expenditures of municipalities and commercial waste haulers, sales and operating income of the Geesink Norba Group, expected debt levels and interest rates, and assuming no acquisitions in fiscal 2002. The inaccuracy of these or other assumptions could have a material adverse effect on the company's ability to achieve the company's expectations. Additional information concerning these and other factors is contained in the company's filings with the Securities and Exchange Commission, including the Form 8-K filed April 25, 2002.