Specialty truck maker Oshkosh has agreed to acquire aerial platform and boom manufacturer JLG Industries for $3.2 billion in cash.
“The acquisition of JLG is the latest initiative in the transformation of Oshkosh…to expand into complementary markets and it will be instrumental in building our global focus and scale that are increasingly needed to continue to be successful,” said Robert Bohn, Oshkosh chairman, president & CEO.
JLG had $2.3 billion in revenues during fiscal 2006 and has estimated a 20% to 25% increase in sales in fiscal 2007, Bohn noted.
Upon the deal’s completion, JLG is expected to become the largest of Oshkosh’s four business segments. Oshkosh expects JLG will represent about 40% of its consolidated sales and operating income.
