U.S. Army Awards Polaris ATV Contract
MINNEAPOLIS (August 20, 2007) — Polaris Industries Inc. today announced the Company was awarded a contract by the U.S. Army TACOM Life Cycle Management Command to continue to provide the company’s highly successful militarized ATV (All-Terrain Vehicle). This competitively awarded contract will supply Polaris MV700 All Terrain Vehicles, parts and accessories. The MV700 has already proven to be a very versatile vehicle in supporting a wide variety of missions conducted in urban, rural, mountain and desert areas in Southwest Asia.
The contract will cover three years and has a potential total value of more than $16 million; deliveries under the contract will commence prior to December 31, 2007.
“Polaris is very proud to continue its role in providing the U.S. Army with world-class machines that can be relied on to perform under the toughest conditions,” said Tom Tiller, Polaris CEO. “The awarding of this TACOM contract and the continued relationship with the U.S. Army represents a major step for our overall business as we drive to achieve growth in adjacent market segments.”
In the early part of 2007, Polaris outlined a set of objectives intended to achieve its sales and earning goals through 2009. One of the main focuses in the new strategy was to generate incremental sales from several growth businesses, including the exploration of opportunities in new adjacent market segments. The new TACOM contract and the Company’s continued relationship with the U.S. Military validates this growth business directive and demonstrates its ability to expand into adjacent market segments outside of its typical consumer base.
The long-standing relationship between Polaris and the U.S. Military began in earnest in 2002 and, with increased opportunities over the past years, has become a great focus for new business for the Company. Already with thousands of machines in the field, this new contract continues Polaris support of U.S. Army Forces and its Allies with innovative, high performance and high quality products that are designed for a wide variety of military applications.