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Oshkosh Truck Corp. has completed the acquisition of JLG Industries, Inc. for $28 per share in an all cash transaction valued at approximately $3.2 billion. With the addition of JLG’s forecasted revenues, Oshkosh Truck now expects to surpass $6 billion in net sales for fiscal 2007.

"I am pleased to welcome JLG, the world leader in aerial work platforms and telehandlers, to the Oshkosh family of companies," says Robert G. Bohn, Oshkosh’s chariman, president and CEO. "This acquisition further strengthens our company by diversifying our product offerings and customer segments, providing scale in procurement and broadening our global reach, which are all important to our growth plans. JLG follows our formula for acquisition success, which includes strong management, double digit growth opportunities and the expectation of returns in excess of our cost of capital."

JLG is the company’s 15th acquisition in the last 10 years, and it will operate as the company’s fourth and largest segment.

The company affirmed its previous estimates that the Oshkosh stand-alone earnings per share (EPS), without giving effect to the JLG acquisition, is expected to be $3.05 to $3.15 and that the JLG acquisition will be modestly accretive to its stand-alone EPS for the fiscal year ended September 30, 2007. Due to the timing of the JLG acquisition closing during the seasonally slow holiday period and the estimated impact of certain non-cash purchase accounting adjustments, the Company estimates that the JLG acquisition will be approximately $0.15 dilutive to EPS for the first quarter of fiscal 2007. Accordingly, the Company now estimates that EPS for its first quarter of fiscal 2007, including the impact of the JLG acquisition, will be approximately $0.35 to $0.40 per share. The Company expects to provide its sales and EPS estimates for fiscal 2007, including the impact of the JLG acquisition, during the first week of February 2007, when the Company plans to report its earnings for the first quarter of fiscal 2007.

Due to the significant nature of the JLG acquisition to Oshkosh, Robert G. Bohn has appointed Charles L. Szews, executive vice president and chief financial officer, to serve as interim president of JLG and lead the integration process. Mr. Szews will also continue to act in his current capacity as executive vice president and chief financial officer of Oshkosh Truck. The Company expects that several key executives will continue with JLG, including:

Craig E. Paylor, senior vice president of sales and marketing, who has been with JLG for more than 20 years in a variety of leadership and executive roles,

Peter L. Bonafede, senior vice president of manufacturing and supply chain management, who has been with JLG for more than seven years in various operations and supply chain management positions, and

Wayne P. MacDonald, senior vice president of engineering, who has been with JLG for more than 30 years in many different engineering and technology development roles.

"The integration of JLG is a top priority of the corporation and our appointment of Charlie Szews as JLG’s interim president reflects that importance. Furthermore, we are excited to have a large group of key JLG executives remain with us to continue running the business while we collectively work together to realize cost synergies and operational improvements in a global market," added Bohn. "I am confident in our ability to make a smooth transition based on the history of successful acquisitions we’ve made during the previous decade."

"Oshkosh expects to integrate JLG by applying its successful method of cross-functional collaboration. We have eight operational teams, with members from both Oshkosh and JLG, leading the integration initiative and focused on specific near- and long-term objectives. Planning is well underway and we are pleased with initial progress. In addition, the Company is enlisting external consulting resources in select areas to spur velocity and provide expertise in effective integration," said Szews. "The similar cultures and shared values of our organizations are integral to this process, and we expect they will enhance productivity throughout the integration process."