Oshkosh wins $6.75B military contract to replace Humvees

Oshkosh Corp. on Tuesday won a $6.75 billion contract to build nearly 17,000 new light trucks to replace aging Humvees for the U.S. Army and Marine Corps, cementing the future of its defense business.

The Wisconsin-based company's bid was accepted over competitors Lockheed Martin Corp. and AM General LLC, according to the Wall Street Journal.

The contract calls on Oshkosh to build as many as 55,000 vehicles during the next 25 years to replace part of the military's Humvee fleet and some of its larger trucks.

Read more from the Wall Street Journal.