UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.05 Costs Associated with Exit or Disposal Activities.
On June 29, 2020, Oshkosh Corporation (the “Company”) committed to a series of restructuring activities within its Access Equipment segment. On that day, the Company announced that it would close its Medias, Romania manufacturing facility. The Company intends to relocate production to factories in the United States, Mexico and China. The Company also announced that it would close its service center in Riverside, CA. Both facilities are being closed to simplify and better align operations to support customers and enable sustainable growth. The Company intends to cease all operations in Medias by June 30, 2021 and Riverside by September 30, 2020. In addition, the Access Equipment segment initiated targeted reductions in its salaried workforce in response to the ongoing COVID-19 pandemic.
Under these plans, the Company expects to incur cash charges related to severance costs and other employment-related benefits of approximately $8 million in the third quarter of fiscal 2020, accelerate depreciation of assets with a net book value of approximately $5 million and incur approximately $1 million of other costs.
Total charges resulting from these actions of $10 million in fiscal 2020 and $4 million in fiscal 2021 are preliminary and the Company expects to finalize the amounts of the charges resulting from these actions in the next several weeks, so actual amounts may be slightly different.
This Current Report on Form 8-K contains “forward-looking statements” regarding expectations about the Company’s restructuring actions, including expected costs and timing. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project” or “plan,” or the negative thereof or variations thereon or similar terminology. The Company cannot provide any assurance that such expectations will prove to have been correct. Factors that could affect these forward-looking statements include but are not limited to potential delays or failure to implement specific initiatives within the restructuring program; technical difficulties in relocating and reorganizing operations; uncertainties concerning amounts of related charges; and failure to achieve expected organizational and operational efficiencies. Such forward-looking statements speak only as of the date of this Report. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. Please also refer to the Company’s other filings with the U.S. Securities and Exchange Commission for other risk factors in the Company’s business, including those disclosed in “Risk Factors” in the Company’s Annual Report on Form 10-K.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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OSHKOSH CORPORATION |
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Date: July 2, 2020 |
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By: |
/s/ Michael E. Pack |
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Michael E. Pack |
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Executive Vice President and |
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Chief Financial Officer |
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Cover |
Jun. 29, 2020 |
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| Cover [Abstract] | |
| Entity Registrant Name | Oshkosh Corporation |
| Document Type | 8-K |
| Amendment Flag | false |
| Entity Central Index Key | 0000775158 |
| Document Period End Date | Jun. 29, 2020 |
| Entity Emerging Growth Company | false |
| Entity File Number | 1-31371 |
| Entity Incorporation, State or Country Code | WI |
| Entity Tax Identification Number | 39-0520270 |
| Entity Address, Address Line One | P.O. Box 2566 |
| Entity Address, City or Town | Oshkosh |
| Entity Address, State or Province | WI |
| Entity Address, Postal Zip Code | 54903-2566 |
| City Area Code | 920 |
| Local Phone Number | 502-3009 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock ($0.01 par value) |
| Trading Symbol | OSK |
| Security Exchange Name | NYSE |