(Reuters) - Specialty truckmaker Oshkosh Corp said it would cut its defense segment workforce by about 250 to 300 hourly positions, due to lower U.S. defense spending and reductions in military production.
The Wisconsin-based company reported a 46.5 percent drop in sales of tactical and military vehicles in the third quarter and cut its full-year earnings forecast.
The Pentagon's chief weapons buyer, Frank Kendall, last month predicted "very, very painful" negotiations within the U.S. military as it shapes its fiscal 2016 budget, given the resumption of mandatory cuts in U.S. defense spending, and the growing number of national security threats around the globe.
Oshkosh also said it would cut about 70 salaried positions.
The company's shares were down 2.4 percent at $42.16 in late afternoon trading on the New York Stock Exchange.
(Reporting by Narottam Medhora in Bangalore; Editing by Simon Jennings)
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