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shkosh Truck Corp. will pay $3 billion to acquire JLG Industries, a manufacturer of construction equipment, Bloomberg reported Monday.
The move is part of an initiative by Oshkosh, which manufactures military cargo vehicles, to pare its dependence on defense spending, Bloomberg said.
Under the deal, Oshkosh will also assume about $200 million of JLG debt, the Wall Street Journal reported.
The combined company will have about $6 billion in annual sales, Bloomberg said.
In its fiscal year ended July 31, JLG posted $2.27 billion in sales, up from $1.71 billion in 2005.
The companies expect to close the deal within 90 days, Bloomberg reported.
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