Snowmobile Manufacturer Sold For Millions
Minnesota based Arctic Cat Inc. announced that it has signed a merger agreement under which Textron Inc. will acquire Arctic Cat for $247 million plus the assumption of existing debt.
Textron is a multi-industry company with over $13 billion in annual revenues and approximately 35,000 employees.
Arctic Cat released the following statement.
“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.”
Arctic Cat manufactures snowmobiles and ATVs and will become part of Textron’s Specialized Vehicle business and will maintain its Arctic Cat brand, current manufacturing, distribution and operational facilities.