Polaris Industries Inc., Bobcat Company Announce Long-Term Strategic Alliance
Technology Sharing, Co-Development and Supply of Highly-Differentiated Work Vehicles
MEDINA, MN (March 2, 2009) – Polaris Industries Inc. (NYSE: PII) and Bobcat Company today announced a long-term strategic alliance that will leverage the complementary strengths of both companies to penetrate work-related market segments globally. The alliance will include technology sharing, co-development and supply of highly-differentiated work vehicles with a planned launch by the second half of 2010.
These new products will be branded Bobcat and will replace current Bobcat 2100, 2200 and 2300 utility vehicles manufactured by Club Car.
“We are excited to enter this alliance with Bobcat, a respected leader in the work vehicle industry” said Scott Wine, CEO, Polaris Industries. “This alliance is consistent with our stated strategy of diversifying Polaris beyond our core powersports segments and will enhance our efforts to accelerate the growth of our military and international businesses,” continued Wine. “Initially, Polaris will produce and sell highly-differentiated work vehicles to Bobcat for sale through the Bobcat dealer network. The breadth and depth of our cooperative efforts will expand thereafter to include co-developed vehicles for both Polaris and Bobcat, and further technology sharing.
“We are thrilled about the long-term implications of this alliance.” said Richard Goldsbury, President Bobcat Americas. “Bobcat’s and Polaris’ long tradition of innovation, product passion and similar cultures complement each other very well. We are combining the strengths of the No. 1 compact construction equipment manufacturer with those of the No. 1 off-road vehicle manufacturer to deliver innovative product solutions for our customers. This alliance will enable both companies to extend our customer bases and provide profitable growth.”
Both Wine and Goldsbury stated, “Working together, we will strive to generate increased revenue and profits for Polaris, Bobcat and our dealer networks. With this alliance, Polaris and Bobcat will be well positioned for incremental revenue growth in 2010 and beyond.”
With annual 2008 sales of $1.9 Billion, Polaris designs, engineers, manufactures and markets off road vehicles (ORVs) including: all-terrain vehicles (ATVs), the Polaris RANGER, snowmobiles, and Victory motorcycles for recreational and utility use. Polaris Industries Inc. trades on the New York Stock Exchange under the symbol “PII,” and the Company is included in the S&P Small-Cap 600 stock price index. Information about the complete line of Polaris products, apparel and vehicle accessories are available from authorized Polaris dealers or anytime from the Polaris homepage at http://www.polarisindustries.com/.
More than 50 years ago, Bobcat Company unleashed a way to work better, smarter and faster with the introduction of the Melroe Self-Propelled Loader. That machine evolved into the Bobcat skid-steer loader and spawned the worldwide compact equipment industry. Bobcat Company, headquartered in West Fargo, N.D., is part of Doosan Infracore International (DII), a U.S.-based subsidiary of Doosan Infracore, a global manufacturer of construction equipment. To learn more about the full line of Bobcat products, visit http://www.bobcat.com/.