JLG parent firm Oshkosh Corp faces ongoing pressure from activist Carl Icahn's interests, which represent 9.48% of the manufacturer's outstanding shares, at the Oshkosh annual meeting.

A 9 August Schedule 13D filing with the US Securities and Exchange Commission reports Icahn representatives had discussions with management of Oshkosh-based Oshkosh.

Members of the New York-based Icahn team "expressed their belief that the value of the JLG segment of the issuer exceeded the total enterprise value of the issuer and that given the prospects and profitability of the issuer's other segments, the value of JLG would not be recognized by shareholders in the foreseeable future".

Icahn believes "that JLG performance has improved enough for it to operate as a stand-alone business and that the issuer should immediately pursue a tax-free spinoff of the JLG business to shareholders".

Further discussions are anticipated.

For the third fiscal quarter ended 30 June, the Oshkosh access equipment segment, principally JLG, had sales of USD814.6 million - including USD426.1 million for aerial work platforms, USD260.8 million for telehandlers and USD127.7 million for other products. Total segment sales for the comparable 2011 third quarter were USD580.1 million.

Access equipment segment operating income was USD88.2 million for the recent quarter - 71% of the Oshkosh total - versus USD29.5 million for the comparable year-earlier period (and 23% of the corporate total).

In an Oshkosh-versus-Icahn showdown at the 27 January annual meeting, shareholders elected all 13 people representing Oshkosh board's entire slate of nominees to board terms. Six Icahn nominees were defeated.

Oshkosh acquired JLG Industries Inc on 6 December 2006 in a USD3.2-billion all-cash transaction.