Activist investor Carl Icahn has nominated six men for election to the 13-director board of JLG-parent Oshkosh Corp.
New York-based Icahn employs four of the men.
The corporation acknowledges receipt of the 4 November request and promises through its board and governance committee to "review Mr Icahn's notice to ensure it complies with the company's governing documents and applicable law".
Oshkosh says its board "and management team are committed to acting in the best interests of the company, all Oshkosh shareholders and other constituencies, and we have had an open dialogue with Mr Icahn since we first became aware of his investment in our company".
As disclosed in late June, funds affiliated with Icahn directly and indirectly own about 9.5% of the outstanding shares of Oshkosh (Forkliftaction.com News #521)
. Typically, Icahn applies pressure to a company's management in an effort to increase stock prices.
The Icahn slate includes AB Krongard, 75, of Lutherville, Maryland, retired executive director of the US Central Intelligence Agency and previously an investment banker; Vincent J Intrieri, 55, of New York, senior vice president of Icahn Enterprises GP Inc and senior managing director of Icahn Capital LP; Samuel Merksamer, 31, of Harrison, New York, an investment analyst at Icahn Capital LP; Jose Maria Alapont, 61, of Bloomfield Hills, Michigan, president, chief executive officer and a director of Icahn-affiliate Federal-Mogul Corporation; Daniel A Ninivaggi, 47, of New York, principal executive officer and president of Icahn Enterprises LP and Icahn Enterprises GP; and Marc F Gustafson, 59, of Asheville, North Carolina, a management consultant for companies in the transportation industries.
Oshkosh says it has added six new independent directors to the board since 2008. That includes four additions within the past 12 months.
The corporation is expected to mail proxy materials in late December for the 2012 annual meeting of shareholders. The 2011 shareholders' meeting took place on 1 February 2011 in Oshkosh, Wisconsin.
Oshkosh's JLG- and JerrDan-branded access equipment segment has sales of USD673.5 million for the fourth quarter ended 30 September versus USD536.8 million in the comparable period last year (Forkliftaction.com News #538)
Oshkosh acquired JLG Industries Inc of Hagerstown, Maryland for USD3.1 billion in December 2006 and towing recovery body maker Jerr-Dan Corp of Greencastle, Pennsylvania for USD79.9 million in July 2004. JLG was Oshkosh's entry into the access equipment market. Recently, Oshkosh internally moved the JerrDan business into the access equipment segment for reporting purposes.
Oshkosh management sees potential growth in access equipment sales as helping to offset anticipated reductions in its defence segment as US military budgets decline.