Minneapolis-based Arctic Cat is being bought by Rhode Island-based Textron for $247 million in cash.
Arctic Cat was founded in northern Minnesota in 1960 and employs about 1,600 people, mostly in a Thief River Falls, Minn., factory, an engine manufacturing plant in St. Cloud and at the company’s new headquarters in the North Loop. Arctic Cat just moved into the new space in August, after the building’s owner invested millions in renovations for Arctic Cat.
In announcing the sale to Textron, company officials said Arctic Cat’s Minnesota facilities are largely expected to stay intact after the deal closes later this year.