Staff report
news@wbcowqel.com
It’s been a rough year in North Central Ohio for snowmobiling, but for those who work in that industry it’s turning into a year of change. Arctic Cat, which operates a distribution center in the Crossroads Industrial Park in Bucyrus, has been sold to Textron.
According to an article on Arctic Cat’s Web page, Textron will pay $247 million in cash for the company plus assume all existing debt.
The transaction is expected to have more immediate impact for Arctic Cat shareholders than its employees. Arctic Cat President and CEO Christopher Metz is quoted in the article as saying, “We expect many Arctic Cat employees to benefit from career opportunities as part of a larger, more diversified company.”
Arctic Cat designs and sells ATVs, side-by-sides and snowmobiles in addition to related parts, garments and accessories. Textron Specialized Vehicles manufactures golf cars, utility and personal transportation vehicles under the name of Cushman, E-Z-Go, Jacobsen and others. Textron is a multi-industry company which also has the brands of Bell Helicopter, Cessna, Beechcraft and Hawker.
The transaction between Arctic Cat and Texron is being called a “definitive merger agreement” and is expected to be completed by Feb. 7 pending regulatory approvals.