PROVIDENCE, R.I.--(BUSINESS WIRE)--
Textron Inc. (NYSE: TXT) announced today that it has completed the
acquisition of Arctic Cat Inc. by means of a short-form merger under
Minnesota law. As a result, Arctic Cat has become an indirect wholly
owned subsidiary of Textron.
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Arctic Cat Alterra TRV 700 XT (Photo: Business Wire)
Going forward, Arctic Cat will operate as a subsidiary of Textron
Specialized Vehicles Inc. This business, based in Augusta, Ga., designs
and manufactures vehicles and equipment for a range of uses and
industries, including E-Z-GO golf cars and personal transportation
vehicles, Cushman commercial utility vehicles, Textron Off Road
side-by-sides, Dixie Chopper zero-turn mowers, Jacobsen professional
turf-care equipment, and TUG, Douglas, Premier and Safeaero ground
support equipment. The powerful Arctic Cat brand brings an exciting
lineup of snowmobiles, side-by-sides and ATVs into the Textron
Specialized Vehicles product family.
“Arctic Cat is an ideal fit with our growing range of off-road
recreational vehicles,” said Textron president and CEO Scott Donnelly.
“The addition of Arctic Cat to our Textron Specialized Vehicles business
instantly gives us a deeper product line for customers, greater
potential for innovation, and introduces new sales opportunities for our
combined worldwide dealer network.”
Arctic Cat’s operations will remain in Minnesota. The business will gain
valuable new capabilities through its integration with Textron
Specialized Vehicles and the global resources of Textron Inc.—a $13.8
billion multi-industry business with operations in more than 25
countries.
About Arctic Cat
The Arctic Cat brand is among the most
widely recognized and respected in the recreational vehicle industry.
The company designs, engineers, manufactures and markets all-terrain
vehicles (ATVs), side-by-sides and snowmobiles, in addition to related
parts, garments and accessories under the Arctic Cat® and
Motorfist® brand names. More information about Arctic Cat and its
products is available at www.arcticcat.com.
About Textron Specialized Vehicles Inc.
Textron Specialized
Vehicles Inc. is a leading global manufacturer of golf cars, utility and
personal transportation vehicles, snowmobiles, side-by-sides,
all-terrain vehicles, professional turf-care equipment, and ground
support equipment. Textron Specialized Vehicles markets products under
the E-Z-GO®, Cushman®, Arctic Cat®,Textron
Off Road™, Jacobsen®, Dixie Chopper®,
Ransomes®, TUG™, Douglas™, Premier™ and Safeaero™ brands. Its
vehicles are found in environments ranging from golf courses to
factories, airports to planned communities, and theme parks to hunting
preserves.
About Textron Inc.
Textron Inc. is a multi-industry company
that leverages its global network of aircraft, defense, industrial and
finance businesses to provide customers with innovative solutions and
services. Textron is known around the world for its powerful brands such
as Bell Helicopter, Cessna, Beechcraft, Hawker, Jacobsen, Kautex,
Lycoming, E-Z-GO, Greenlee, Textron Off Road, Textron Systems, and TRU
Simulation + Training. For more information visit www.textron.com.
Certain statements in this press release may describe strategies,
goals, outlook or other non-historical matters; these forward-looking
statements speak only as of the date on which they are made, and we
undertake no obligation to update them. These statements are subject to
known and unknown risks, uncertainties, and other factors that may cause
our actual results to differ materially from those expressed or implied
by such forward-looking statements.
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Source: Textron