Oshkosh Truck to Acquire Iowa Mold Tooling Company, a Portfolio Company of American Capital Strategies

OSHKOSH, Wis.--July 28, 2006--Oshkosh Truck Corporation :

-- Continues Acquisition Strategy to Expand into Complementary Markets and Strengthens Service Capabilities

-- Will add Truck-Mounted Cranes and Field Service Vehicles to Product Line

-- Offers Opportunities for Integrating Crane Technology into Other Oshkosh Products

Oshkosh Truck Corporation , a leading manufacturer of specialty trucks and truck bodies, today announced the signing of a definitive agreement to acquire Iowa Mold Tooling Co., Inc., a leader in field service vehicles and truck-mounted cranes, through a merger. IMT is a portfolio company of American Capital Strategies, Ltd. . The all-cash deal is valued at $131 million.

The acquisition is the second announced in fiscal 2006 to support Oshkosh Truck's diversification strategy in the commercial specialty truck industry. It will provide entry into two adjacent market spaces, significantly strengthen Oshkosh's North American distribution channel, and provide new technology integration opportunities for other Oshkosh businesses.

"IMT has built leadership positions in terms of market share, technology, distribution and brand recognition within the service vehicle and truck-mounted crane markets. The company provides an opportunity for further expansion within the construction, mining and tire service markets," said Robert G. Bohn, Oshkosh chairman, president and chief executive officer. "IMT is a bolt-on acquisition aligned with our long-held acquisition strategy and allows us to expand the products and services offered to the types of markets we understand very well."

IMT Provides Leading Position in New Specialty Truck Markets

"The opportunity to increase our product and service offering to construction customers and to enter new specialty markets with industry-leading products was an appealing aspect of this acquisition. We have an understanding of the market drivers in the construction industry through our McNeilus subsidiary, and IMT's other end markets have similar drivers," stated Bohn.

IMT is the leading North American manufacturer of field service vehicles, which are marketed to major construction equipment dealers, major construction companies and mining operations. Its full line of service vehicles includes general mechanics trucks, tire service trucks and lubrication trucks. All are used to perform on site service, maintenance or repair operations at locations such as construction sites, quarries and mines.

IMT also produces a broad line of truck-mounted cranes including wallboard loaders, telescopic cranes and articulating cranes for a variety of end markets. Telescopic cranes are installed on the majority of IMT's mechanics trucks, offering additional vertical integration.

Potential for Revenue and Income Enhancement in Existing and New Markets

Bohn said, "IMT's growth in recent years has consistently outpaced the market. We believe its recent new product launches hold the possibility of increasing sales of higher-margin products in the near-term as a result of value-added product features, and its efforts to reduce operational costs have been successful. We also believe that there is additional growth potential for IMT in adjacent market spaces, among government and international customers, and in aftermarket parts and services for its existing customers."

During the past two years, IMT has implemented a company-wide lean initiative to improve quality, to reduce costs and delivery time and to enhance efficiencies in its manufacturing operations. Production processes feature extensive automation, visual management and Kaizen, while IMT's management team is imbued with a lean mindset toward operational enhancements.

"We're excited by the expertise and disciplined philosophy that the IMT management team brings to operations. This team has delivered bottom line benefits for IMT over the past 18 months, and we see opportunities to infuse this expertise into other Oshkosh subsidiaries," explained Bohn. "We also believe that we can leverage our expertise in composite technologies, electronics and procurement to improve IMT's cost base and product lines."

The company's strong distribution system includes more than 80 dealers that are located throughout North America to provide local sales and service support to IMT's end users. Longevity and close customer relationships characterize IMT's distribution network as many dealers have been associated with the company for more than 20 years.

IMT is headquartered in Garner, Iowa, and employs approximately 375 people. The company is expected to operate as a wholly-owned subsidiary of Oshkosh Truck Corporation and be part of the corporation's commercial segment. Completion of the transaction is subject to certain customary conditions, and is expected to occur prior to September 30, 2006. Oshkosh expects to finance the acquisition from available cash and limited borrowings. The company will provide additional financial details during its earnings conference call on August 1, 2006.

About Oshkosh Truck Corporation

Oshkosh Truck Corporation is a leading designer, manufacturer and marketer of a broad range of specialty commercial, fire and emergency, and military trucks and truck bodies. Oshkosh's products are valued worldwide by fire and emergency units, defense forces, municipal and airport services, concrete producers and refuse hauling businesses where high quality, superior performance, rugged reliability and long-term value are paramount.

To learn more about Oshkosh Truck Corporation, visit its web site at www.oshkoshtruckcorporation.com.

Forward-Looking Statements

This press release contains statements that the company believes are "forward-looking statements" within the meaning of the U.S. 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 the company "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, without limitation, risks related to the Company's ability to close the IMT acquisition, risks related to the Company's acquisition strategy including identifying and evaluating acquisition candidates and integrating acquired businesses, such as IMT reductions in government expenditures, the uncertainty of government contracts, and the possibility that expected synergies and other cost savings will not be achieved nor future plans realized. Additional information concerning these and other factors is contained in the company's filings with the Securities and Exchange Commission.