The defense contractor Textron is buying the snowmobile maker Arctic Cat in a deal valued at about $247 million. Textron said Wednesday that it will pay $18.50 per Arctic Cat share, a 41 percent premium to its Tuesday closing price.
Arctic Cat is planning a major expansion project in St. Cloud. The plan includes the construction of a test track and a building addition. As part of the process, the St. Cloud city council approved the creation of a Tax Increment Financing District, as well as approving a Business Subsidy Agreemen…
Arctic Cat is expanding its facilities in both St. Cloud and Thief River Falls. Arctic Cat officials have announced plans to invest nearly $27 million in its manufacturing facilities, which is expected to create about 50 new jobs.
The St. Cloud City Council has approved a tax abatement plan with Arctic Cat. The engine manufacturer lost its JOB-Z status because it failed to create enough jobs setting up the need for a new tax relief agreement.