Bobcat Company and Polaris Industries Inc. Announce Long-Term Strategic Alliance
Bobcat Company and Polaris Industries Inc. (NYSE:PII), of Medina, Minn., 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 co-development of work vehicles, supply of highly differentiated work vehicles and technology sharing, with a planned launch by the second half of 2010.
“We are thrilled about the long-term implications of this alliance,” said Richard Goldsbury, president, Bobcat Americas. “Bobcat’s and Polaris’ long traditions of innovation, product passion and similar cultures complement each other very well.”
Scott Wine, Polaris Industries CEO, said this alliance is consistent with Polaris’ stated goal of diversifying beyond core powersports segments and will enhance efforts to accelerate the growth of their military and international business.
He added, “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 combining the strengths of the number-one compact construction equipment manufacturer with those of the number-one off-road vehicle manufacturer to deliver innovative product solutions for our customers,” Goldsbury said. “This alliance will enable both companies to extend our customer bases and provide profitable growth.”
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 www.bobcat.com.
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 www.polarisindustries.com.