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Textron buys Arctic Cat for $247 million

Arctic Cat, based in Minneapolis, makes snowmobiles and all-terrain vehicles.

By Ed Adamczyk
Textron buys Arctic Cat for $247 million
Arctic Cat Inc., Minneapolis-based manufacturer of snowmobiles and all-terrain vehicles, will be acquired by Textron Inc. for $247 million. Photo courtesy of Arctic Cat Inc.

Jan. 25 (UPI) -- Textron Inc. said Wednesday it will acquire Arctic Cat Inc., maker of snowmobiles and all-terrain vehicles, for $247 million.

Textron, through a subsidiary, will begin a tender offer to buy all outstanding Arctic Cat shares at $18.50 per share. Arctic Cat stock on the New York Stock Exchange opened at $18.50 per share Wednesday, from $13.09 per share on Tuesday. The company, based in Minneapolis, employs about 1,600 people.

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The company will be folded into Textron's specialized vehicle business, but the Arctic Cat name and brand will be maintained.

Textron, known primarily as a defense contractor, is headquartered in Providence, R.I., and has about 35,000 employees.

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