Combining Polaris and Goupil creates a dynamic on-road, commercial small electric vehicle business poised for continued growth
Polaris Industries Inc. (NYSE: PII) today announced the acquisition of Goupil Industrie SA, a privately owned, Bourran, France-based manufacturer of on-road, commercial electric vehicles, built on a modular design that offers many functional options and appeals to a wide variety of customers.
The move will add Goupil vehicles to Polaris’ growing small electric vehicle product portfolio, while becoming part of a global brand will expand Goupil’s reach, both within and outside its existing European sales base.
Goupil, which reported approximately $25 million in sales during calendar year 2010, will continue operating in Bourran with its current staff.
“As Polaris continues to deliver outstanding performance and gain market share in our core business, we are excited to acquire Goupil and add to our growing small electric vehicle lineup. We are eager to pursue the natural synergies between their commercial light duty work products and the more people-mover oriented offerings from our GEM business,” said Scott Wine, Polaris chief executive officer. “We see tremendous, long term growth in the global small electric vehicle market, and Goupil, with its established product line, history of profitable growth, and segment-leading European presence, will be an integral part of our strategy to realize that potential.”
This acquisition further strengthens Polaris’ position in the small electric vehicle market, building on the previous purchase of Global Electric Motorcars (GEM), an American manufacturer of electric vehicles. Goupil and GEM produce complementary vehicles, and their combined portfolio provides Polaris with a lineup of small electric vehicles suited to a wide range of utilizations, spanning from people-movers to light-duty haulers.
By coupling Goupil and GEM with the recent minority investment in Brammo, Polaris now possesses a solid foundation for future innovation in electric vehicle technology.
“Joining Polaris presents us with the resources we require to grow into a stronger, more profitable business,” said Pascal Duclos, co-founder of Goupil. “Polaris and Goupil share similar values, as we both build upon a core of innovation and quality products. We are thrilled to become part of Polaris and look forward to expanding Goupils presence across all of Europe and into North America.”
About Polaris – With annual 2010 sales of $1.99 billion, Polaris designs, engineers, manufactures and markets innovative, high quality off-road vehicles, including all-terrain vehicles (ATVs) and the Polaris RANGER® for recreational and utility use, snowmobiles, motorcycles and on-road electric powered vehicles.
Polaris is a recognized leader in the powersports industry, among the global sales leaders for both snowmobiles and off-road vehicles. The Company has established a presence in the heavyweight cruiser and touring motorcycle market with Victory motorcycles and the acquisition of the Indian motorcycle brand. Additionally, Polaris continues to invest in the global on-road low speed vehicle industry with internally developed vehicles and the acquisition of Global Electric Motorcars (GEM). Polaris enhances the riding experience with a complete line of Pure Polaris apparel, accessories and parts, available at Polaris dealerships.
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.
About Goupil Industrie SA – Goupil Industrie SA, founded in 1996 by Pascal Duclos and Thierry Zerbato, designs develops and sells electric vehicles for use in commercial applications. Goupil, located in Bourran, France sells its vehicles in 18 countries throughout Europe and beyond. Goupil offers a diverse electric vehicle lineup that includes the G3 and the newly introduced G5 and G5 hybrid electric models. Goupil vehicles are compact, maneuverable, on-road approved and available in multiple configurations to meet the unique needs of its municipal, industrial, delivery, service provider and other commercial customers.