Oshkosh Corporation, a leading innovator of mission-critical vehicles and essential equipment, today announced the completion of the previously announced acquisition of Pratt Miller, which specializes in advanced engineering, technology and innovation across the motorsports and multiple ground vehicle markets, for a cash-free, debt-free purchase price of $115 million. As a result of the completion of the transaction, Pratt Miller will maintain its name, team members, facilities, branding elements and will maintain focus on its motorsports business in partnership with General Motors.
“We are pleased to complete the acquisition of Pratt Miller, an organization led by its world-class engineering and motorsports heritage,” said John C. Pfeifer, Oshkosh Corporation President and Chief Operating Officer. “This acquisition will allow us to leverage Pratt Miller’s experience and innovation in areas such as artificial intelligence, robotics, autonomous and connected systems and electrification, positioning our Company for future growth.”
The deal closed more a month after the two companies signed a definitive agreement to execute the transaction. The acquisition will strengthen Oshkosh’s engineering capabilities as well as improve the combined firm’s product performance. Founded in 1989, Pratt Miller was a key player in the US robotic vehicle market and was working with QinetiQ to deliver prototypes of the US Army’s Robotic Combat Vehicle-Light (RCV-L). The acquisition will enhance the combined company’s product performance and provide Oshkosh Corporation with immediate access to additional and complementary engineering expertise.
The acquisition also could give Oshkosh more leverage in competitions like JLTV re-compete effort which has recently kicked off and the Optionally Manned Fighting Vehicle program to replace the Bradley Infantry Fighting Vehicle. A request for proposals for the OMFV program is expected to drop by the end of the week. Notably, Oshkosh Defense secured a $911m contract last month from the US Army Contracting Command, Detroit Arsenal, to deliver 2,738 Joint Light Tactical Vehicles (JLTVs).
Pratt Miller won a contract to develop a design to integrate a new weapon system onto a Stryker combat vehicle under the Stryker Medium Caliber Weapons System lethality program. It is partnered with Rafael in the competition in which government testing of offerings is ongoing. The Israeli government recently expressed enthusiastic interest in mating Oshkosh vehicles with Rafael’s Iron Dome missile defense system. In addition, Pratt Miller was one of six companies chosen by Army Futures Command to work on ways to improve the currently cumbersome, taxing and sometimes risky munitions resupply system for field artillery units operating M109 Paladin howitzers.
Oshkosh Corporation, formerly Oshkosh Truck, is an American industrial company that designs and builds specialty trucks, military vehicles, truck bodies, airport fire apparatus, and access equipment. Based in Oshkosh, Wisconsin, the company is organized in four primary business groups: access equipment, defense, fire and emergency, and commercial. Oshkosh Defense is a tactical vehicle manufacturer that designs, builds and sustains high performance defense trucks, including the L-ATV for the JLTV program.