Investor Carl Icahn and his affiliates encouraged Oshkosh Corp to spin off of the specialty truck maker's JLG access equipment business, insulating it from Oshkosh's struggling defense operations.
Icahn Associates is the biggest holder of Oshkosh shares, with a 9.5 percent stake, according to Reuters. The investor believes JLG's performance has improved enough for it to operate as a stand-alone business, according to a filing with the U.S. Securities and Exchange Commission.
Oshkosh bought JLG Industries, a maker of scissor lifts and other aerial work platforms, in 2006 for about $3 billion. The access equipment unit had about $2 billion in sales in the fiscal year ended on July 1, roughly a quarter of Oshkosh's total sales and 13 percent of operating income.