IMT Financing
GARNER, Iowa (Oct. 6, 2009) – Iowa Mold
Tooling Co. Inc. (IMT), an Oshkosh Corporation company (NYSE:OSK), and
Wells Fargo Equipment Finance, Inc. (WFEFI) have announced a new
financing program for IMT equipment. The program is designed to provide
unique and competitive financing options to IMT customers.
“Wells Fargo Equipment Finance, Inc. is an industry leader in specialty
vehicle financing,” said Steve Fairbanks, IMT president. “We are proud
to have a financing program with Wells Fargo to offer our customers
competitive and flexible financing options, which could be a necessity
for some in today’s economy.”
Financial product options with the new program include equipment loans,
terminal rental adjustment clause (TRAC) leases and municipal equipment
financing. Terms range in length from 36 to 84 months, and seasonal
payments are also available. WFEFI will also work with IMT customers to
provide other customized financing solutions in order to meet specific
needs.
Up to 100 percent of the net invoice amount may be financed, on
approved credit. Credit decisions will typically be made within one
business day following WFEFI’s receipt of a completed application for
transactions under $250,000. For amounts greater than $250,000, a
credit decision can often be made within three business days after
receipt of a complete credit application.
“We want our customers to feel comfortable when purchasing new
equipment in an unpredictable economy, and we are confident the
financing options this new program provides will help keep their minds
at ease,” Fairbanks said.
This program is only offered through authorized IMT equipment dealers
in the U.S. on complete IMT packages installed to IMT standards on new
truck chassis.
About IMT: Iowa Mold Tooling Co., Inc., an Oshkosh Corporation [NYSE:
OSK] company, began in 1961 as a business providing new tread designs
for recapping tires. The company has grown to become the leading
manufacturer and supplier of service vehicles, cranes, hydraulic
loaders and air compressors for tire, mining, construction, material
handling and utility markets around the world.
About Oshkosh Corporation: Oshkosh Corporation is a leading designer,
manufacturer and marketer of a broad range of specialty access
equipment, commercial, fire & emergency and military vehicles and
vehicle bodies. Oshkosh Corporation manufactures, distributes and
services products under the brands of Oshkosh®, JLG®, Pierce®,
McNeilus®, Medtec®, Jerr-Dan®, BAI™, Oshkosh Specialty Vehicles,
Frontline™, SMIT™, CON-E-CO®, London® and IMT®. The Oshkosh brands are
valued worldwide in businesses where high quality, superior
performance, rugged reliability and long-term value are paramount. For
more information, log on to www.oshkoshcorporation.com.
®, ™ All brand names referred to in this news release are trademarks of Oshkosh Corporation or its subsidiary companies.
Forward-Looking Statements
This press release contains statements that the Company believes to be
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements other than
statements of historical fact, including, without limitation,
statements regarding the Company’s future financial position, business
strategy, targets, projected sales, costs, earnings, capital
expenditures, debt levels and cash flows, and plans and objectives of
management for future operations, are forward-looking statements. When
used in this press release, words such as “may,” “will,” “expect,”
“intend,” “estimate,” “anticipate,” “believe,” “should,” “project” or
“plan” or the negative thereof or variations thereon or similar
terminology are generally intended to identify forward-looking
statements. These forward-looking statements are not guarantees of
future performance and are subject to risks, uncertainties, assumptions
and other factors, some of which are beyond the Company’s control,
which could cause actual results to differ materially from those
expressed or implied by such forward-looking statements. These factors
include the consequences of financial leverage associated with the JLG
acquisition, including the level of the Company’s borrowing costs, the
increased interest rates the Company would face if it experienced a
deterioration or downgrade in credit agency ratings and the Company’s
ability to maintain compliance with its financial covenants under its
credit agreement; the cyclical nature of the Company’s access
equipment, commercial and fire & emergency markets, especially
during a global recession and credit crisis; the duration of the global
recession, which could lead to additional impairment charges related to
many of the Company’s intangible assets; risks related to the required
increase in the rate of production for the M-ATV and FMTV contract, and
the amount, if any, of additional orders for M-ATVs and/or FMTVs that
the Company may receive; the expected level and timing of U.S.
Department of Defense procurement of products and services and funding
thereof; risks related to reductions in government expenditures and the
uncertainty of government contracts; risks related to production delays
as a result of the economy’s impact on the Company’s suppliers; the
potential for commodity costs to rise sharply in a future economic
recovery; risks associated with international operations and sales,
including foreign currency fluctuations; risks related to the
collectability of receivables during a recession, particularly for
those businesses with exposure to construction markets; and the
potential for increased costs relating to compliance with changes in
laws and regulations. Additional information concerning these and other
factors is contained in the Company’s filings with the Securities and
Exchange Commission. All forward-looking statements speak only as of
the date of this press release. The Company assumes no obligation, and
disclaims any duty, to update or revise publicly any forward-looking
statements, whether as a result of new information, future events or
otherwise. |