Arctic Cat Incorporated, with local manufacturing facilities – has been sold.
The sale price is reported at 247 million; cash.
Under the terms of the deal, Textron will also assume all existing debt – with a purchase of all outstanding shares of Arctic Cat stock; just under 50% of the common stock closing price as of January 20th.
Under the agreement; current manufacturing, distribution and operating facilities will be maintained along with the Arctic Cat Brand, the sale unanimously approved by the Arctic Cat Board of Directors.
Originally producing snowmobiles, Arctic Cat diversified to include full scale ATV production in 2005.
Textron officials say they hope to “expand their portfolio” with the purchase. The company already produces for the outdoor maintenance and recreational market under multiple brands including Cushman and E-Z-Go.
Textron is a multi-industry company and defense contractor; renown for the production of Bell-Helicopter, Beechcraft and Cessna Aircraft.