Date: October 16, 2006
Source: News Room
Oshkosh Truck (NYSE: OSK), which owns the McNeilus brand, is buying JLG Industries (NYSE: JLG) for $3 billion. JLG makes scissor lifts and other aerial work platforms in what is described as a late-cycle or stable business segment. Oshkosh hopes the transaction, which will nearly double the company's annual revenue, will help stabilize its more cyclical business which is making a variety of specialty commercial, fire and emergency and military vehicles. The JLG business will dove-tail with Oshkosh's crane, fire truck and wrecker businesses. Oshkosh, which hopes to close the deal in 90 days, financed the deal with a $3.5 billion senior credit facility. The company has made 14 acquisitions in the last 10 years.
For more information, visit: www.oshkoshtruckcorporation.com or www.jlg.com.
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