JLG transitions to Oshkosh ownership
Thursday, 14 December 2006
OSHKOSH, WI, United States
Oshkosh Truck Corp has completed its acquisition of JLG Industries Inc, making the telehandler manufacturer its largest business segment (Forkliftaction.com News #282
The USD3.2 billion all-cash transaction was completed on December 6, ending JLG's status as an independent company publicly traded on the New York Stock Exchange.
Oshkosh has named its executive vice president and chief financial officer (CFO) Charles L Szews interim JLG president.
Szews said: "The similar cultures and shared values of our organisations are integral to [the merger] process."
Eight teams with members from Oshkosh and JLG would lead the integration effort, focusing on short and long-term objectives, he said.
JLG is the 15th acquisition under current Oshkosh Truck management over 10 years. Oshkosh has added segments of the specialty vehicle and body markets to complement its defence truck business. The company reported profit of USD205.5 million on sales of USD3.48 billion for the fiscal year ended September 30 and employed 9,387 people on that date.
Two top executives have left JLG to "pursue other opportunities", Oshkosh said in a statement. William M Lasky was JLG board chairman, president and CEO, and James H Woodward Jr was JLG executive vice president and CFO.
JLG senior vice presidents Craig Paylor, Peter Bonafede and Wayne MacDonald were expected to continue with the JLG segment, the statement said. At JLG, Paylor oversaw sales and marketing, Bonafede manufacturing and supply chain management and MacDonald engineering.
Pennsylvania-based JLG, established in 1969, reported profit of USD149.3 million on sales of USD2.29 billion for the fiscal year ended July 31 and employed 4,088 people on that date.