MINNEAPOLIS (AP) -- Off-road vehicle maker Polaris Industries Inc. said Monday that it has agreed to acquire a Chrysler Group LLC subsidiary that makes electric-powered vehicles.
Financial terms of the deal were not disclosed, but the agreement calls for the transaction to close within the next 60 days.
Global Electric Motorcars LLC, which is based in Fargo, N.D., was established in 1998 and had roughly $30 million in sales last year.
Polaris CEO Scott Wine said the acquisition gives Polaris a foothold in the low-emission, small vehicle market and fits into its goal of penetrating on-road market segments that are poised for growth.
Shares in Polaris ended the regular session down 75 cents to $105.41. The shares slipped 31 cents to $105.10 in aftermarket trading.
Financial terms of the deal were not disclosed, but the agreement calls for the transaction to close within the next 60 days.
Global Electric Motorcars LLC, which is based in Fargo, N.D., was established in 1998 and had roughly $30 million in sales last year.
Polaris CEO Scott Wine said the acquisition gives Polaris a foothold in the low-emission, small vehicle market and fits into its goal of penetrating on-road market segments that are poised for growth.
Shares in Polaris ended the regular session down 75 cents to $105.41. The shares slipped 31 cents to $105.10 in aftermarket trading.