Polaris Industries Inc. (NYSE: PII) today announced that it has purchased all of Fuji Heavy Industries Ltd.’s (FHI) 3.96 million shares of Polaris’ common stock for a purchase price of $497.5 million, thereby reducing its outstanding share count by approximately six percent.

Polaris funded this purchase with a combination of cash on hand and $250 million of borrowings under the Company’s revolving credit facility.

Polaris and FHI have a long successful engine supplier relationship dating back to 1968, when FHI began manufacturing Polaris’ exclusive “Star” engine.

FHI was the sole manufacturer of Polaris’ engines from 1968 to 1995, at which time Polaris gradually began to produce its own engines for select models.

For model year 2013, FHI supplied approximately one-fourth of Polaris’ engines used in a number of models of snowmobiles and off-road vehicles.

For model year 2014 and beyond, the Company anticipates that the percentage of FHI-supplied engines will decline further as Polaris continues to significantly expand its own engine portfolio.

Scott Wine, Polaris’ Chairman and CEO stated, “FHI has been a valued partner and long-term engine supplier since 1968 and a significant, loyal and stable shareholder since we first began trading as a public company in 1987. FHI approached us with the opportunity to repurchase their entire block of Polaris stock at a negotiated discount to the most recent average market price. Our decision to repurchase these shares demonstrates not only the confidence we have in the fundamentals of our business, but also our long-term growth prospects and the commitment we have to provide an above-average return to our shareholders. However, this opportunistic share repurchase transaction in no way signals a change in our strategic direction. We continue to believe there are abundant opportunities to further expand and diversify our businesses both organically and through acquisitions and we have ample borrowing capacity and strong cash flow to fund the anticipated growth of Polaris.”

Polaris currently intends to issue $100 million of debt under an existing private placement Master Note Purchase Agreement before December 31, 2013 in order to reduce the borrowings under the Company’s revolving credit facility.

After taking into consideration the funding and transaction costs and lower outstanding share count, this transaction is expected to have only a slightly positive impact on the Company’s 2013 fourth quarter and full year earnings per share from continuing operations.

The Company’s previously issued guidance for full year 2013 earnings per share from continuing operations, raised on October 22, 2013, remains unchanged at $5.30 to $5.37 per diluted share.

On a pro forma basis, assuming this transaction had occurred on January 1, 2013, the positive impact on expected full year 2013 earnings per share from continuing operations would have been approximately $0.25 per share.

The Company’s share repurchase program authorization remains in place with approximately 1.6 million shares available for repurchase. The existing program does not have an expiration date.

Goldman, Sachs & Company acted as financial advisor to Polaris in this transaction.

Polaris is a recognized leader in the powersports industry with annual 2012 sales of $3.2 billion. Polaris designs, engineers, manufactures and markets innovative, high quality off-road vehicles, including all-terrain vehicles (ATVs) and the Polaris RANGER and RZR side-by-side vehicles, snowmobiles, motorcycles and small vehicles. Polaris is among the global sales leaders for both snowmobiles and off-road vehicles and has established a presence in the heavyweight cruiser and touring motorcycle market with the Victory and Indian motorcycle brands. Additionally, Polaris continues to invest in the global on-road small vehicle industry with Global Electric Motorcars (GEM), Goupil Industrie SA, Aixam Mega S.A.S., and internally developed vehicles. Polaris enhances the riding experience with a complete line of Polaris and KLIM branded apparel and Polaris accessories and parts. Polaris Industries Inc. trades on the New York Stock Exchange under the symbol “PII”, and the Company is included in the S&P Mid-Cap 400 stock price index.

Information about the complete line of Polaris products, apparel and vehicle accessories are available from authorized Polaris dealers or anytime at www.polaris.com.

Can-Am ATV and side-by-side racers, brothers, Hunter and Cody Miller, notched three overall wins and five total podiums at the 2013 Oklahoma Gold Rush event near Tulsa, Okla.

The Louis Powersports / Can-Am racers each recorded a win with their Maverick 1000R X rs side-by-side vehicles. Hunter won the UTV XC race, while Cody Miller took the overall in the UTV Super Moto event.

“Hunter and Cody Miller had an outstanding weekend in Oklahoma, winning three total classes and showcasing the versatility and capabilities of the Can-Am Maverick 1000R side-by-side vehicle,” said Jeff Leclerc, Racing Project Leader, Can-Am.

The 18th Annual Oklahoma Gold Rush was held Nov. 1-3 at The Hallett Motor Speedway in Jennings, Okla. The event hosted both ATV and UTV cross-country and Super Moto events.

The ATV and UTV XC events were designed similar to Grand Prix-style events, complete with wooded sections, technical terrain and a shorter asphalt sector. The Super Moto races were roughly eight laps in length and featured an asphalt course with a small dirt segment with a couple smaller jumps.

In the UTV XC event, Hunter Miller and co-pilot Johnny Hale started in fourth place, but gained one spot once they hit the asphalt section on lap one. Hunter was roughly a minute down at this point in the race.

From there, he pushed his Can-Am Maverick, reeling in the leader after each lap. Finally, on the final turn of the race, Hunter took an aggressive line and made a pass for the victory. Chase Snapp, piloting a Can-Am Commander, finished second behind Miller.

“My Maverick was dialed in and worked great for the entire race,” said Hunter Miller. “It really shined in the woods and rough spots and was a big advantage on the track’s pavement sections. I just kept driving hard each lap until I caught the leader with roughly 200 yards or so remaining. I then drove aggressively through the last turn, made a big pass, and came away with the UTV XC victory.”

Riding their DS 450 ATVs, Hunter and Cody went 1-2 in the ATV XC race at Gold Rush. However, Cody Miller also earned an overall victory, winning the UTV Super Moto with his Can-Am Maverick 1000R X rs. He also earned third in the ATV Super Moto event.

For more information on Can-Am racing, the ’13 contingency program and Can-Am DS 450 ATV amateur racer support program, visit www.can-amxteam.com.

Honda of South Carolina Mfg., Inc. (HSC) is among America’s safest companies, according to EHS Today, a publication that promotes environmental, health and safety in the workplace. HSC was among 16 companies that received the award for 2013, which was presented today during a safety conference in Atlanta, Ga.

According to EHS Today, the safest companies demonstrate employee involvement and support from management, while also providing innovative solutions to safety challenges and reporting injury and illness rates that are significantly lower than the average for their industries.

They also place prevention of safety incidents as the cornerstone for safety through training programs and by integrating safety into their corporate culture.

“Our associates work hard every day to manufacture quality products safely, and without their efforts this accomplishment would not have been possible,” said Honda of South Carolina President Brian Newman. “I am honored that we have been named one of America’s safest companies. We will continue to work together as one team to ensure our facility remains one of the safest in America.”

The 16 companies receiving the award represent diverse industries, including public infrastructure construction, textiles, facility maintenance, oil and gas, mining and manufacturing. Employment also ranged widely, from approximately 100 to nearly 70,000.

“Companies named to EHS Today’s list understand the symbiotic relationship between safety and productivity, profits, morale and employee retention,” said Sandy Smith, editor in chief of EHS Today. “The marketplace is demanding that companies be sustainable, and they should be considered sustainable only if they protect their most important asset — employees.”

Companies receiving the award will be profiled in the November issue of the magazine.

HSC began production of all-terrain vehicles (ATVs) in July 1998 with a workforce of approximately 200 associates. The initial $30 million, 200,000 square foot ATV manufacturing plant was the beginning of Honda of South Carolina’s significant growth in Florence County. In fall 2000, operations expanded to add engine production to the plant.

Today, HSC employs 900 plus associates in its 655,000 square foot facility that now represents an investment exceeding $308 million. With the flexibility to produce many different types of powersports products, associates at the Timmonsville plant currently manufacture Honda ATVs and Side-by-Sides (SxS) for North American and Global markets.