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[motorcycle.com] - Powersports Industry Continues Shake-up as Arctic Cat is Gobbled U
Following the recent closure of Victory Motorcycles by Polaris Industries, competitor Arctic Cat will now become part of Textron’s holdings, who also owns brands Bad Boy and EZ-GO.
Begin Press Release: Arctic Cat Announces Agreement To Be Acquired By Textron In $247 Million All-Cash Transaction
“Arctic Cat’s board believes that Textron’s offer delivers compelling and immediate value to our shareholders,” said Christopher Metz, Arctic Cat’s president and chief executive officer. “This transaction presents increased opportunities for the business to leverage our combined scale, accelerate growth and enhance product innovation in ways that will benefit our customers, dealers and employees.” Textron is a multi-industry company with over $13 billion in annual revenues and approximately 35,000 employees. Arctic Cat will become part of Textron’s Specialized Vehicles business, maintaining its iconic Arctic Cat brand, as well as its current manufacturing, distribution and operational facilities, with a focus on growing the business. Arctic Cat and Textron Specialized Vehicles have complementary product portfolios of recreational, utility and specialized vehicles. The combined businesses will be well positioned to be a powersports industry leader with a wider product line-up, and allow for more aggressive investment in product development, dealer networks, marketing and customer service. Metz added: “We are proud of the progress our team has made to lay the foundation for Textron to continue taking this company forward. Textron plans to build on Arctic Cat’s strong brand and history of innovation. We expect many Arctic Cat employees to benefit from expanded career opportunities as part of a larger, more diversified company. On behalf of the Arctic Cat board and management team, we thank our dedicated employees for their hard work, commitment and pride in making Arctic Cat an enduring competitor and beloved brand in the powersports market. We are excited about Arctic Cat’s future.” Powersports Industry Continues Shake-up as Arctic Cat is Gobbled Up by Textron Specialized Vehicles appeared first on Motorcycle.com News. Click here for full story...
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