The 2008-09 recession and declining sales had Oshkosh Corp. searching for ways to avoid layoffs. The $41 million foreign deal - provided by the Export-Import Bank of the United States - couldn't have come at a better time in 2010.
Four Oshkosh subsidiaries will supply the Ghana National Fire Service (GNFS) of the Republic of Ghana with more than 100 firefighting vehicles and other vital emergency equipment. The transaction is being financed by an Ex-Im Bank-guaranteed loan from Societe Generale in New York, N.Y. The repayment term is eight years. The credit is secured by the full faith and credit of the Republic of Ghana through its Ministry of Finance and Economic Planning.
The export transaction was completed by Florida-based Project Development International (PDI), a small business with expertise in procurement and project management. PDI is the project coordinator for the Ghana deal.
"The support from Ex-Im Bank was like wind under our wings during the years of development of this project," PDI President James Lalumiere said. "We value Ex-Im Bank's expertise and the exceptionally long repayment terms for the loan that were essential to this successful sale of quality U.S.-made firefighting equipment."
Tim Raupp, Oshkosh's senior vice president and executive director of International Operations for Fire and Emergency, said Ex-Im's strong support was a key factor in making the deal happen.
Pierce Manufacturing Inc., of Appleton, Wis., will be the primary Oshkosh contributor in the deal. Also participating are Jerr-Dan Corp. in Greencastle, Pa.; Iowa Mold Tooling Co. Inc. in Garner, Iowa; and Oshkosh Specialty Vehicles Inc. in Harvey, Ill.