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 Textron’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.

“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.