Overview Key strengths Key risks Leading manufacturer of specialty vehicles in North America with a strong market position and brand recognition. Exposure to highly cyclical end markets, specifically construction. Moderate end market diversification with exposure to defense, emergency response, waste collection, and construction. Higher cost structure that creates lower margins than other large capital goods manufacturers. Ability to withstand cyclical downturns with limited impact on margin profile and cash flow generation. Significant customer concentration. Continued investment in new business development for innovation, electrification, and simplification of product lines. Lack the global reach of similarly rated peers with 88% exposure in North America. Despite the increasing uncertainty regarding the future path of the global economy, and ongoing supply chain headwinds and
