Textron Inc. Announces Acquisition of Arctic Cat Inc., a Leading Company in the Recreational Vehicle Industry
PROVIDENCE, R.I.—March 6, 2017-- 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.
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.
Eric Salander, 401-457-2288
D’Ante Natili, 401-457-2288
David Sylvestre, 401-457-2362