Polaris keeps some jobs in Wisconsin, acquires Indian Motorcycle
ST. PAUL Due to stronger-than-projected demand for its snowmobiles, motorcycles and all-terrain vehicles, Polaris Industries will keep 50 to 60 engine-manufacturing jobs at its Osceola, Wis., plant. Polaris, once based in Roseau, Minn., has a man...
Due to stronger-than-projected demand for its snowmobiles, motorcycles and all-terrain vehicles, Polaris Industries will keep 50 to 60 engine-manufacturing jobs at its Osceola, Wis., plant.
Polaris, once based in Roseau, Minn., has a manufacturing plant in that Roseau County community.
Polaris also said Tuesday that it is acquiring Indian Motorcycle. The acquisition adds another brand to the Polaris stable of Victory cruiser and touring bikes. Indian will operate as an autonomous business unit.
Terms of the deal were not disclosed.
The bulk of the company's 515 jobs at the Wisconsin factory will be phased out, as previously announced, throughout this year as manufacturing is shifted to an existing Iowa plant and a new plant in Mexico. About 70 people received layoff notices in early March. The announcement Tuesday preserves at least some jobs.
"Since we announced the strategic realignment last year, our volumes are up significantly in each of our businesses and our U.S. plants are full from a physical footprint standpoint," said Scott Wine, Polaris' chief executive, in a statement.
Polaris worked closely with Wisconsin's Department of Commerce to keep some engine manufacturing in Osceola to preserve the assembly jobs, the company said.
Earlier this year, Kapco Inc., a Wisconsin metal fabricator, took over some operations at the plant and became a supplier to Polaris. That saved another 70 jobs.
Polaris, based in Medina, had a good 2010, when it recovered from a big sales decline during the recession. For 2010, the company reported
net income of $147.1 million. Sales for the full year were $1.9 billion, up 27 percent compared with 2009. A big part of the company's success was grabbing market share from competitors.
Polaris will host a conference call today to discuss the acquisition as well as first-quarter earnings.
Polaris shares closed Tuesday at $91.18, up 44 cents.
Distributed by McClatchy-Tribune Information Services.