Arctic Cat to be Purchased by Textron
Snowmobile manufacturer Arctic Cat will soon be purchased by Textron, Inc., according to a release by the company.
The Minneapolis based company will be acquired for $247 million.
Arctic Cat will become a part of Textronâ€™s Specialized Vehicles business.
According to a release, it will maintain its Arctic Cat brand as well as its current manufacturing, distribution and operational facilities.
â€œArctic Catâ€™s board believes that Textronâ€™s offer delivers compelling and immediate value to our shareholders,â€ said Christopher Metz, Arctic Catâ€™s president and chief executive officer. â€œThis 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.â€ Textron is a multi-industry company with over $13 billion in annual revenues and approximately 35,000 employees.