Minnesota-based Arctic Cat has been sold, and the buyer is far from Minnesota. The snowmobile maker employs nearly 1,600 employees.

Defense contractor, Textron, has purchased Arctic Cat for approximately $247 million. They will be paying $18.50 per share of Arctic Cat stocks, well over the value of the current stock.

Artic Cat employs around 1,600 people in Minnesota. Textron announced they plan to keep operations in place, as well as it's employees.

Textron's core business is private jet airplanes, and are best known for their Cessna jets. They have another division of their business that makes golf carts and off-road utility vehicles under the "Stampede" brand name. The purchase of Arctic Cat expands their portfolio in the outdoor recreational vehicle market.

Currently, Textron (who's based in Providence, RI) employs nearly 35,000 people.

Source: Fortune

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