Company Comments on ISS Report
Oshkosh Urges Investors to Vote FOR the particular Company��s Director Nominees on the Bright Proxy Card Nowadays
OSHKOSH, Wis. -- Oshkosh Corporation (NYSE: OSK), a leading manufacturer of specialty vehicles and vehicle figures, today announced that leading independent proxy advisory agencies Glass Lewis & Co. (Cup Lewis) and Egan-Jones Proxy Services (Egan-Jones) both equally recommend that their clients vote for ALL of the Oshkosh director nominees for the WHITE proxy greeting card at Oshkosh��s 2011 Annual Meeting of Investors to be held about January 27, Next year.
In its January Thirteen, 2012 report, Window Lewis stated1:
����we believe, on equilibrium, there is cause to retain the board's more recent attempts to return Oshkosh to a lean functioning, prepared to take advantage of rebounding market segments, both domestically in addition to internationally.�� ��Further, we find this clearly codified MOVE approach appropriately reflects a challenging natural environment and a realistic plus responsible approach to environmentally friendly growth.�� ����we find the Dissident's disclosed plan, which centers heavily on a JLG sale to fund defense market acquisitions, does not may actually offer clearly superior price for shareholders in accordance with the board's existing tactic, which appears to be traveling an attractive recovery for the firm.�� ����we believe it is in the best interests of shareholders to compliment management's nominees, which appear to carry appropriate experience in addition to independence, rather than the Dissident nominees, many of which are close online marketers of Mr. Icahn as well as few of which appear to have experience directly related to Oshkosh's key defense products.��In it has the January 13, 2012 report, Egan-Jones stated2: ��We believe that each of our support for the supervision ballot is merited and also that voting the management poll (WHITE PROXY Credit card) is in the best interest from the Company and its shareholders. In arriving at in which conclusion, we have regarded the following factors: ����our thinking that the dissidents (��Icahn parties��) have provided insufficiently certain plans and no filled with meaning new ideas for changing the Company��s strategic direction and they fail to make a engaging case that political election of their nominees will help the Company��s stockholder value.�� ��Our concern that will Mr. Icahn��s level of perception of the defense business in addition to mixed record with success with other providers in industries new to them would not bode well pertaining to placing his nominees about the Board.�� ��We usually are not convinced that election on the dissidents�� slate to the Board with Directors would work for the benefit of shareholders.��
Oshkosh granted the following statement:
We can be extremely pleased that Glass Lewis and Egan-Jones support the election of ALL of the Company��s director nominees �C all of with whom are highly skilled, proven business leaders with a broad range involving complementary experience in industrial developing, defense, finance, private equity, risk management as well as other areas essential to Oshkosh��s corporations.
These recommendations further impose our belief the director nominees have the qualifications necessary to most properly lead Oshkosh and to produce value to all each of our shareholders at this critical time in our business. The many Oshkosh director nominees have significant knowledge of the markets we all serve and are focused on representing the interests of the Oshkosh shareholders.
We believe we have the right Board along with the right management crew to navigate through this specific critical time. Most people urge shareholders to protect their investment and not probability the Company��s future by simply exposing Oshkosh to Mr. Icahn and his hand-picked nominees. We strongly urge all Oshkosh shareholders in order to safeguard the value of their expense by voting FOR our Director nominees about the WHITE proxy unit card today.
Oshkosh also mentioned that it believes the report recently from Institutional Shareholder Services (ISS) aiding three of Mister. Icahn��s nominees is fundamentally mistaken, and the Company desires shareholders to follow the recommendations of Glass Lewis in addition to Egan-Jones by voting FOR all of the Oshkosh nominees on the WHITE proxies card. Oshkosh is convinced this Mr. Icahn��s slate connected with employees and associates �C none of whom has just about any expertise in the markets Oshkosh serves �C would, in case elected, simply carry out Mr. Icahn��s self-serving agenda and potentially disrupt the Company��s long-term growth technique, which the Oshkosh Board plus management team are already effectively executing to deliver cost for all investors.
Oshkosh shareholders are advised that their vote is significant, no matter how many shares they own. Whether or not attend the Twelve-monthly Meeting, Oshkosh shareholders ought to submit a Light proxy by Internet or maybe telephone or through signing and internet dating the WHITE proxy card itself and returning it as soon as you possibly can.
Shareholders who have questions about ways to vote their stocks, or need extra assistance, should speak to Oshkosh��s proxy solicitor, Innisfree M&A Contained, toll-free at (877) 750-9499 (banks plus brokers may call accumulate at (212) 750-5833).
About Oshkosh Corporation
Oshkosh Institution is a leading designer, manufacturer and online marketer of a broad range of specialty access apparatus, commercial, fire & emergency plus military vehicles and also vehicle bodies. Oshkosh Institution manufactures, distributes as well as services products under the brands of Oshkosh?, JLG?, Cut?, McNeilus?, Medtec?, Jerr-Dan?, Oshkosh Specialty Vehicles, Frontline?, SMIT?, CON-E-CO?, London? and IMT?. Oshkosh products are appreciated worldwide in companies where high quality, exceptional performance, rugged reliability and long-term value tend to be paramount. For more information, go to com.
?, ? All famous brands referred to in this media release are trademarks of Oshkosh Corporation and also its subsidiary corporations.
Forward-Looking Statements
This press release contains statements that the Firm believes to be ��forward-looking statements�� from the meaning of the Private Securities Suit Reform Act involving 1995. All phrases other than statements of old fact, including, devoid of limitation, statements regarding the Company��s future financial position, enterprise strategy, targets, forecasted sales, costs, profits, capital expenditures, personal debt levels and cash flows, and also plans and objectives of management for future operations, are generally forward-looking statements. When utilised in this press release, words such as ��may,�� ��will,�� ��expect,�� ��intend,�� ��estimate,�� ��anticipate,�� ��believe,�� ��should,�� ��project�� as well as ��plan�� or the negative thereof or variations thereon or identical terminology are generally intended to recognize forward-looking statements. These forward-looking statements are usually not guarantees of future performance and are be subject to risks, uncertainties, suppositions and other factors, several of which are beyond the Company��s manage, which could cause real results to differ materially coming from those expressed as well as implied by like forward-looking statements. These aspects include the expected degree and timing involving DoD procurement of products and solutions and funding thereof, like impact of the DoD��s allocation with certain tires that can restrict and delay selected FHTV sales; risks linked to reductions in federal expenditures in light of U.Ohydrates. defense budget constraints and an uncertain DoD strategic wheeled vehicle tactic; the cyclical nature on the Company��s access equipment, industrial and fire & crisis markets, especially during periods of global economic uncertainty, cheaper municipal spending and tight credit markets; the particular Company��s ability to produce vehicles within the FMTV contract at specific margins; the duration with the ongoing global economical weakness, which could bring on additional impairment charges connected with many of the Company��s intangible assets and/or a slower recovery while in the Company��s cyclical businesses than equity market place expectations; the potential for a U.S. government so that you can competitively bid this Company��s Army and Boat Corps contracts; the consequences of financial leverage, which could limit the Company��s ability to do various opportunities; increasing asset and other raw product costs, particularly in some sort of sustained economic retrieval; the ability to pass on so that you can customers price will increase to offset higher input costs; risks linked to costs and charges caused by facilities consolidation and position, including that anticipated cost savings may not be realized; risks related to this collectability of receivables, particularly for all businesses with contact with construction markets; the price tag on any warranty activities related to the Company��s merchandise; risks related to output or shipment delays arising from quality or production issues; challenges associated with international operations and sales, including foreign currency fluctuations plus compliance with the Overseas Corrupt Practices Take action; the potential for higher costs relating to consent with changes in laws in addition to regulations; risks associated with disruptions in the Company��s distribution networks; risks associated with a proxy sweepstakes and other actions of naturalist shareholders; and the Company��s capacity to successfully execute on the strategic road map plus meet its long-term financial goals. Additional information concerning these kinds of and other factors is as part of the Company��s filings with the Securities as well as Exchange Commission, like Annual Report on Sort 10-K filed November Of sixteen, 2011. The Company assumes on no obligation, as well as disclaims any obligation, in order to update information in this press release. Investors probably know that the Company may well not update such information until the Company��s next quarterly earnings conference call, if at all.