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Oshkosh Corp. investor: JLG's operations should become a stand-alone business

JLG employs about 2,000 people in McConnellsburg and Hagerstown

August 15, 2012|By JENNIFER FITCH | waynesboro@herald-mail.com
  • JLG employs about 2,000 people between its manufacturing plant in McConnellsburg, and office facility in Hagerstown. A major investor in the parent company of JLG Industries Inc. is calling for the access equipment manufacturer to become its own entity.
Herald-Mail File photo

McCONNELLSBURG, Pa. — A major investor in the parent company ofJLG Industries Inc.is calling for the access equipment manufacturer to become its own entity.

Carl Icahn, an investor in Wisconsin-based Oshkosh Corp., told corporate executives earlier this month that JLG’s operations should become a stand-alone business to better protect it from Oshkosh’s defense-related functions, which are experiencing decreased sales, Reuters and other media outlets reported.

Defense segment sales decreased 13.4 percent to $958.5 million for the third quarter of fiscal 2012, according to an earnings-related news release from Oshkosh Corp.

Oshkosh spokesman John Daggett said Icahn, like all investors, are entitled to share opinions, but, for now, it is “business as usual” for JLG.

JLG employs about 2,000 people between its manufacturing plant in McConnellsburg, and office facility in Hagerstown. Worldwide, JLG employs about 4,500 people. It is Fulton County’s largest employer.

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In late July, Oshkosh Corp. reported third-quarter income of $75.7 million.

Net sales for the corporation’s various segments were $2.18 billion in the quarter. That represents a 7.6 percent increase compared to the prior year’s third quarter, a news release stated.

Increased sales in nondefense segments, particularly access equipment, offset lower defense segment sales.
JLG produces access equipment including scissor lifts and aerial work platforms.

Daggett said JLG previously took some overflow defense work and made mine-resistant vehicles as well as tactical protection vehicles used by authorities contending with drug cartels in Mexico.

“It all depends on the contracts,” he said.

Oshkosh Corp., which acquired JLG in 2006, experienced a 40 percent increase in sales in the access equipment segment in the third quarter. That represents a total of $814.6 million in access equipment sales.

JLG has experienced improvements beyond estimates for the year and continues to do business internationally, Daggett said.

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