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Report: Oshkosh Truck Buying JLG
Sunday October 15, 9:39 pm ET
Report: Oshkosh Truck to Acquire JLG Industries in $3 Billion Deal
MILWAUKEE (AP) -- Oshkosh Truck Corp., which manufactures a wide range of military and nonmilitary vehicles, plans to acquire JLG Industries Inc., a maker of aerial work platforms, booms and related devices, in a deal worth about $3 billion, a newspaper reported Sunday.
The acquisition positions Oshkosh Truck, based in Oshkosh, Wis., to benefit from a global boom in nonresidential construction, the Wall Street Journal reported on its Web site.
Products of JLG, based in McConnellsburg, Pa., include equipment that lifts workers and heavy materials several stories. Vehicles produced by Oshkosh Truck include military, fire, garbage and concrete trucks.
According to the report, the all-cash deal, valued at $28 per JLG share, would create a company with $6 billion in annual revenue and 13,000 employees, and Oshkosh Truck would assume about $200 million in debt.
Oshkosh Truck expects to complete the purchase in 90 days.
Bill Lasky, JLG chairman, president and CEO, described the acquisition as a "great combination of two great companies."
The acquisition would be the 15th by Oshkosh Truck since 1996.
"We respect the companies, we respect their culture, and then we grow the heck out of them," said Robert Bohn, Oshkosh Truck chairman, president and CEO.
Charles Szews, the company's chief financial officer, said, "We're going to have scale that we've never enjoyed."
Oshkosh Truck spokeswoman Kristen Skyba did not return messages left by The Associated Press on Sunday evening at her office number and at a home listing for her.