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November 2006

Oshkosh Truck makes $3.2 billion acquisition agreement

Oshkosh Truck Corporation announced it has signed a definitive agreement to acquire JLG Industries, Inc. Oshkosh will acquire all outstanding shares of JLG for $28 per share. This transaction will create a $6 billion global specialty vehicle manufacturer.

JLG had $2.3 billion in revenues during fiscal 2006 and has estimated a 20 to 25 percent increase in sales in fiscal 2007.

The transaction is expected to be modestly accretive to Oshkosh’s earnings per share in fiscal 2007 after giving effect to estimated non-cash charges relating to amortization of acquired intangibles and other one-time accounting and transaction-related costs. Oshkosh will finance the transaction with a $3.5 billion senior credit facility provided by Bank of America, N.A. and JPMorgan Chase Bank, N.A. and retire most of JLG’s currently outstanding debt. The acquisition has been approved by the Board of Directors of each company and is subject to customary closing conditions, including approval under Hart-Scott-Rodino and similar laws outside the U.S. and the approval by the shareholders of JLG. The transaction is expected to be completed within ninety days.

Oshkosh has no plans at this time to make any significant changes to its combined manufacturing asset base or work force.


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