JLG parent to write down assets

By Patrick Hill01 April 2009

Oshkosh Corporation, parent of access equipment manufacturer JLG in the US, said it is likely to charge $1.2 - $1.5 billion (€0.9 - 1.1 billion) against assets in the second quarter 2009. The company said the non-cash charge would reflect the write-down of goodwill and other assets that do not depreciate.

Financial accounting standards in the US require companies to assess their goodwill and similar assets annually or if circumstances indicate a possible decline in value. Oshkosh "...determined that indicators of potential impairment ...were present as a result of the sustained decline in the price of the company's common stock...as well as the further deteriorating macro-economic environment, particularly in construction markets in the United States and Europe."

Robert Bohn, Oshkosh Corporation chairman and CEO, said, "While the impairment charges are being driven by the short-term economic environment, we believe the long-term prospects remain promising for our market-leading businesses. The impairment charges are entirely non-cash. Oshkosh remains a strong company and continues to have sufficient liquidity."

Latest News
StepUp Scaffold will bring Nordic Platform composite decks to North America
StepUp participated with Nordic’s development of composite decks and accessories over 12 years in Europe and believes North America is ready for their ESG and practical benefits
Bauma launch for 58m Zoomlion boom
New ZT58J Ultra telescopic boom lift also boasts a 25.5m outreach
Vertical mast lift insights
A look at some of the newest vertical masts lift products and trends in thre market