Oshkosh Corp., a heavy vehicle manufacturer for the military and emergency companies, announced adjustments to its business in the wake of the coronavirus pandemic.
“The COVID-19 pandemic has affected the daily lives of people around the world, and I am proud of the way our team members have continued to safely manufacture our products that are used by so many front-line professionals,” stated Wilson R. Jones, Oshkosh Corporation President and Chief Executive Officer.
“We quickly responded to uncertainties caused by COVID-19 to our customers, our suppliers and our business as well by reducing production levels and implementing a company-wide cost reduction plan that targets $80 million to $100 million in savings for the second half of fiscal 2020. The plan includes lower salaries, with executives and board members taking larger decreases; furloughs; temporary plant shutdowns; reduced travel expenses and project and other discretionary spending reductions."
The company stated in a news release that some of their sales of vehicles and equipment decreased in the second quarter of fiscal 2020 due to restrictions and shutdowns imposed by the coronavirus pandemic. A full breakdown of their sales in the second fiscal quarter can be found here.
An earnings snapshot of Oshkosh Corp. can be found here.
