OSHKOSH, Wis., Oct 01, 2011 (BUSINESS WIRE) --
Oshkosh Corporation (NYSE: OSK) today has been informed that members of UAW Local 578 have voted on and rejected the five-year contract proposal. The new contract would have started at the conclusion of the current five-year agreement which expires on September 30 at midnight. The Company is very disappointed in today's action. The contract proposal offered was attractive in today's market conditions, comparable to other recent contracts, and necessary to sustain Oshkosh employment at a time of federal employee wage freezes, significant Defense spending cuts and increased competition for defense contracts. It contained:
A significant up-front $2,000 lump sum payment which was over 4% of the average wage rate of Defense production team members;
Wage increases in each year of the contract, which equated to an additional 8% wage increase over the course of the contract and was consistent with the levels of recent national contract settlements;
A Health Insurance Plan that would have been among the best in the region; and
Annual enhancements in life insurance and pension benefits.
The Union understands that the offer of a $2,000 lump sum payment expires at midnight, September 30. The Company has been told by the Union that the sticking points are non-monetary. The Company has agreed to a meeting request from the Union, and details are still being worked out.
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(R), JLG(R), Pierce(R),McNeilus(R), Medtec(R), Jerr-Dan(R), Oshkosh Specialty Vehicles, Frontline(TM), SMIT(TM), CON-E-CO(R), London(R) and IMT(R). Oshkosh products are valued worldwide in businesses where high quality, superior performance, rugged reliability and long-term value are paramount. For more information, visit http://www.oshkoshcorporation.com.
(R), (TM) All brand names referred to in this news release are trademarks of Oshkosh Corporation or its subsidiary companies.
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