UPDATE: Late Thursday morning, the new owners were announced. In a press release that has been shared online, it was noted that former Arctic Cat executive Brad Darling and an investment group have acquired Arctic Cat. After 17 years at Arctic Cat, Darling became chief executive officer and president of ARGO in 2016. He remains at ARGO today. Darling has been appointed Arctic Cat CEO and president.
by April Scheinoha
Editor
On Thursday morning, Textron Inc. announced the sale of Arctic Cat. The announcement followed months of uncertainty after Textron announced it planned to indefinitely suspend manufacturing operations at the facility by Thursday, May 22.
“Today, Textron Inc. announced the sale of its Powersports business, including the Arctic Cat brand and its operations. We thank the talented and dedicated employees of Arctic Cat for their contributions during their time at Textron Specialized Vehicles, and wish them a bright future,” Textron spokesman Brandon Haddock said in a statement provided to The Times.
Haddock said he couldn’t say much more than the above statement at this time.
On Feb. 27, Textron announced that Arctic Cat would suspend manufacturing operations indefinitely at the Thief River Falls facility by Thursday, May 22. Those layoffs were expected to affect about 385 Arctic Cat employees. About 100 to 125 employees were expected to remain at Arctic Cat to handle the ongoing needs of the business.
In the February statement, Haddock further noted that Textron continued to explore strategic alternatives.
At a Thief River Falls City Council meeting Tuesday, March 18, Thief River Falls Mayor Mike Lorenson said the city had received inquiries from several potential Arctic Cat investors. At that time, he said city leaders were confident an agreement would be made between a buyer and Textron.
The public was apprised of the situation at Arctic Cat in November 2024. At that time, Textron announced layoffs and a pause in production that would resume in the first quarter of 2025.
On Dec. 18, Textron filed a Form 8-K report with the Securities and Exchange Commission, a required report noting significant, unscheduled events or corporate changes that investors should know. At that time, it noted Textron was “pursuing strategic alternatives for its Powersports product line within the Industrial Segment’s Textron Specialized Vehicles business. The consumer end market demand for powersports products continues to remain soft. As a result, and in conjunction with its annual operating plan process, TSV has begun to pause production of its powersports products as Textron’s management reviews strategic alternatives for the business. Upon completion of limited production runs to satisfy customer commitments, production of TSV’s powersports products will be paused indefinitely in the first half of 2025.”