Iowa Mold Tooling Co. Inc. (IMT), an Oshkosh Corporation company
(NYSE:OSK), announced today that it has expanded its manufacturing
operations into McIntire, Iowa, by opening a new facility to handle its
increased welding activities. The plant opening created about 40 welding
jobs. IMT has also hired more welders at its main facility in Garner,
Iowa.
Despite the global recession, business at IMT increased significantly in
2009, primarily due to a partnership between IMT and its parent company,
Oshkosh Corporation, that supports the military’s need for new equipment
overseas. IMT has been designing and manufacturing lifting equipment
specifically for military applications since 2008.
"With the increased workload at IMT, it became clear that we would need
to expand our operations to meet demand,” said Steve Fairbanks, IMT
president. "In these tough economic times, this is great news for IMT
and our community. Our manufacturing expansion not only supports our
military efforts, but also allows us to quickly respond to increased
customer needs when the economy improves.”
The grand opening event took place Dec. 15, 2009, and the facility is
now fully up and running.
"These new employees join our experienced workforce at IMT,” Fairbanks
said. "Our sales, engineering and technical support teams have more than
600 years of combined IMT experience, which is unprecedented in our
industry.”
About IMT:
Iowa Mold Tooling Co., Inc., an Oshkosh
Corporation (NYSE: OSK) company, began in 1961 as a business providing
new tread designs for recapping tires. The company has grown to become
the leading manufacturer and supplier of service vehicles, cranes,
hydraulic loaders and air compressors for tire, mining, construction,
material handling and utility markets around the world. Log on to www.imt.com.
About Oshkosh Corporation:
Oshkosh Corporation is a leading
designer, manufacturer and marketer of a broad range of specialty access
equipment, commercial, fire & emergency and military vehicles and
vehicle bodies. Oshkosh Corporation manufactures, distributes and
services products under the brands of Oshkosh®, JLG®,
Pierce®, McNeilus®, Medtec®, Jerr-Dan®,
BAI™, Oshkosh Specialty Vehicles, Frontline™, SMIT™, CON-E-CO®,
London® and IMT®. The Oshkosh brands are valued
worldwide in businesses where high quality, superior performance, rugged
reliability and long-term value are paramount. For more information, log
on to www.oshkoshcorporation.com.
®, ™ All brand names referred to in this news release are
trademarks of Oshkosh Corporation or its subsidiary companies.
Forward-Looking Statements
This press release contains
statements that the Company believes to be "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 expenditures, debt levels and cash flows, and plans
and objectives of management for future operations, are forward-looking
statements. When used in this press release, words such as "may,”
"will,” "expect,” "intend,” "estimate,” "anticipate,” "believe,”
"should,” "project” or "plan” 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, which could cause actual results to differ
materially from those expressed or implied by such forward-looking
statements. These factors include risks related to the required increase
in the rate of production for the M-ATV contract and the amount, if any,
of additional orders for M-ATVs that the Company may receive; the
cyclical nature of the Company’s access equipment, commercial and fire &
emergency markets, especially during a global recession and credit
crisis; the duration of the global recession, which could lead to
additional impairment charges related to many of the Company’s
intangible assets; the expected level and timing of U.S. Department of
Defense procurement of products and services and funding thereof,
including the outcome of the formal protests of the Family of Medium
Tactical Vehicles (FMTV) award to the Company; risks related to
reductions in government expenditures and the uncertainty of government
contracts; the consequences of financial leverage associated with the
JLG acquisition, which could limit the Company’s ability to pursue
various opportunities; risks related to the collectability of
receivables during a recession, particularly for those businesses with
exposure to construction markets; risks related to production delays as
a result of the economy’s impact on the Company’s suppliers; the
potential for commodity costs to rise sharply, including in a future
economic recovery; risks associated with international operations and
sales, including foreign currency fluctuations; and the potential for
increased costs relating to compliance with changes in laws and
regulations. Additional information concerning these and other factors
is contained in the Company’s filings with the Securities and Exchange
Commission. All forward-looking statements speak only as of the date of
this press release. The Company assumes no obligation, and disclaims any
obligation, to update information contained in this press release.
