Tag: John Pfeifer

Nair to succeed Durst as President of Oshkosh AeroTech

Oshkosh AeroTech leadership transition resizedRanjit Nair will succeed Chuck Durst as President of Oshkosh AeroTech, who will retire in March 2025.

Nair has more than 20 years of experience in the heavy-duty equipment space.

He joins Oshkosh from Epiroc, which recently acquired Stanley Black & Decker’s Infrastructure business where he served as President of Stanley Infrastructure.

Prior to working at Stanley Black & Decker, Nair worked for Deere & Company in roles across the US and globally, including Vice President of Global Supply Management and as CEO of John Deere India.

John Pfeifer, President and CEO of Oshkosh Corporation, said: “We are confident that Ranjit’s strategic vision and collaborative approach will accelerate our growth, both domestically and internationally. We also want to extend our gratitude to Chuck Durst for his many contributions to the company, which have been instrumental in positioning Oshkosh AeroTech for future success.”

Nair added: “With a strong commitment to a people-first culture, Oshkosh delivers market-leading innovations across a diversified range of end markets. I’m excited to work with the team to advance its offerings for the aviation industry, while delivering exceptional customer value.”

OshKosh to acquire JBT AeroTech for $800m

2023_05_30_AeroTech_news_popup Oshkosh Corporation has entered into a definitive agreement to acquire the AeroTech business from JBT Corporation for $800m.

The acquisition is expected to be finalised in the 3rd quarter of 2023 and completes the strategic decision announced last year by JBT’s CEO, Brian Deck to separate JBT’s FoodTech and AeroTech business.

In the announcement letter to customers, David Burdakin, President of JBT AeroTech, wrote: “Under Oshkosh, our future looks even brighter than ever. There are a lot of synergies between our two companies. Like JBT, Oshkosh is investing heavily in technology for electrification, automation, and telematics. Both companies are committed to providing industry leading customer service throughout the world.”

John Pfeifer, President and Chief Executive Officer of Oshkosh Corporation said: “This transaction supports our ‘Innovate. Serve. Advance.’ business strategy as we enter the attractive air transportation support space with a market-leading portfolio of purpose-built products and comprehensive service offerings. AeroTech meets all the criteria of our M&A priorities, and we believe it will enhance the financial profile of our vocational segment, further strengthening this growing segment and enabling it to move beyond our goal of $3 billion-plus annual revenue with double-digit margins. We look forward to working with the AeroTech team to integrate the business and unlock value for our customers and shareholders.”

In a press statement released by Oshkosh it explained when adjusted for the present value of expected tax benefits of approximately $80 million, the purchase price is $720m. This represents approximately 9x earnings before interest, taxes, depreciation and amortization (EBITDA) based on the expected 2023 second half run-rate or approximately 7.2x EBITDA including expected run-rate synergies.