Press Release –
Arctic Cat Inc. (Nasdaq: ACAT), manufacturer of all-terrain vehicles (ATVs) and snowmobiles sold under the Arctic Cat® brand name, and Piaggio Group, one of the world’s top manufacturers of two-wheel motor vehicles sold under the Aprilia®, Moto Guzzi®, Derbi®, Piaggio®, Vespa® and Gilera® brand names, today announced the execution of a letter of intent designed to expand and strengthen their respective distribution in Europe and North America, and potentially lead to other areas of future collaboration, such as product development and manufacturing.
Arctic Cat and the Piaggio Group are two leading companies operating in the power sport and light transportation industries, with complementary assets and capabilities.
Initially, Arctic Cat and Piaggio will cooperate on product distribution, with both sharing access to their respective dealers in North America and in Europe.
Arctic Cat will be able to sell its ATV products through selected Piaggio Group dealers in Europe, and the Piaggio Group will sell its motorcycles and motor scooters through selected Arctic Cat North American dealers.
We’re excited about the potential of this strategic partnership to extend our international distribution capabilities and open new channels for growth, said Christopher Twomey, chairman and chief executive officer of Arctic Cat. We anticipate that this agreement will enhance the competitive positions of both companies internationally, providing tangible benefits to our customers, dealers and shareholders.
The Piaggio Group is currently pursuing a number of initiatives to further strengthen its global presence, particularly in North America. Within this context, we are very pleased to announce this new partnership with Arctic Cat, said Piaggio Group’s CEO Rocco Sabelli.
Today, the two companies are presenting this new initiative to their respective dealers gathered in Yellowstone, Montana, for Arctic Cat, and Montecarlo, France, for the Piaggio Group.