Arctic Cat Announces $27 Million Investment in Minnesota Operations
Arctic Cat Inc. (Nasdaq:ACAT) today announced that it plans to invest nearly $27 million in its manufacturing facilities in Thief River Falls and St. Cloud, Minnesota, resulting in the creation of approximately 50 jobs.
Commented Arctic Cat’s President and CEO Christopher T. Metz: “We are excited to strengthen our Minnesota manufacturing footprint and position the company for continued long-term success. We will be adding a new state-of-the-art production line in Thief River Falls and expanding our engine manufacturing operations in St. Cloud, in order to meet the demand for our innovative, quality products. We are grateful to the local leadership of Thief River Falls and St. Cloud, and the state of Minnesota, for their support as we invest in our shared future.”
Arctic Cat plans to invest approximately $26 million in its Thief River Falls facility for a new paint line and other facility improvements that are estimated to create an additional 39 jobs. The paint line will enable continued growth in the company’s recreational off-highway vehicle (ROV) business.
In St. Cloud, the company plans to invest roughly $400,000 in expanded assembly capability that is anticipated to add about 10 positions at its engine manufacturing facility located there. The company manufactures and assembles ATV and snowmobile engines at its 56,000-square-foot Engine Manufacturing Division in St. Cloud.
“For over 50 years, Arctic Cat has operated and expanded in Minnesota, creating thousands of jobs for hard-working Minnesotans,” said Minnesota Governor Mark Dayton. “I congratulate Arctic Cat and its many dedicated employees for their successes. I thank them for choosing to expand their operations again, right here in Minnesota. Arctic Cat’s expansion will be an asset to the area and the state.”
Arctic Cat chose to stay in Minnesota, where the company has deep manufacturing roots, and a highly educated and skilled labor force. The planned projects are eligible to receive local and state tax incentives.
About Arctic Cat
The Arctic Cat brand is among the most widely recognized and respected in the recreational vehicle industry. The company designs, engineers, manufactures and markets all-terrain vehicles (ATVs), side-by-sides and snowmobiles, in addition to related parts, garments and accessories under the Arctic Cat(R) and Motorfist(R) brand names. Arctic Cat Inc. is headquartered in Minneapolis, Minnesota. Its common stock is traded on the NASDAQ Global Select Market under the ticker symbol “ACAT.” More information about Arctic Cat and its products is available at www.arcticcat.com.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for certain forward-looking statements. The company’s Annual Report, as well as the Report on Form 10-K, its Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission, the company’s press releases and oral statements made with the approval of an authorized executive officer, contain forward-looking statements that reflect the company’s current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated. The words “aim,” “believe,” “expect,” “anticipate,” “intend,” “estimate” and other expressions that indicate future events and trends identify forward-looking statements including statements related to our fiscal 2016 outlook, business strategy, expected inventory reductions, product introductions and demand. Actual future results and trends may differ materially from historical results or those anticipated depending on a variety of factors, including, but not limited to those set forth in the company’s Annual Report on Form 10-K for the year ended March 31, 2014, under heading “Item 1A. Risk Factors.” The company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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