Yesterday afternoon, Oshkosh Corporation, a company specializing in “mission-critical vehicles and essential equipment” announced the purchase of Pratt & Miller for $115 million.
Debuting at the 1999 Rolex 24 at Daytona, the Corvette C5-R went on to achieve 31 victories in the American Le Mans Series and an overall win at the Rolex 24 in 2001. Since then, the Corvette Racing team has achieved numerous Le Mans wins, Driver Championships and Manufacturer Titles.
According to both Oshkosh and Pratt & Miller everything will remain “business as usual”. Pratt & Miller will maintain its company name, branding, facilities and employees; including the Corvette Racing team.
Below is the official press release announcing the purchase from Oshkosh:
Oshkosh Corporation to Acquire Pratt Miller
Dec. 15, 2020
Strengthens key technologies and strategic growth opportunities
OSHKOSH, Wis.–(BUSINESS WIRE)– Oshkosh Corporation (NYSE:OSK), a leading innovator of mission-critical vehicles and essential equipment, today announced that it has entered into a definitive agreement to acquire Pratt Miller, which specializes in advanced engineering, technology and innovation across the motorsport and multiple ground vehicle markets, for a cash-free, debt-free purchase price of $115 million. Additional terms of the transaction were not disclosed. Pratt Miller will maintain its name, team members, facilities and branding elements.
Founded in 1989 and headquartered in New Hudson, Mich., Pratt Miller brings over 30 years of experience solving its customers’ most complex and technical challenges. Led by its world-class engineering and motorsports heritage, Pratt Miller has made significant advances in dynamic growth areas such as artificial intelligence, robotics, autonomous and connected systems and electrification.
“We look forward to welcoming the Pratt Miller team to Oshkosh Corporation,” said John Pfeifer, Oshkosh Corporation President and Chief Operating Officer. “We believe combining Pratt Miller’s engineering expertise with Oshkosh’s innovation and operational strengths will enable us to better serve customers and position our Company for growth.”
“Pratt Miller’s motorsports heritage has created a culture of speed and agility that has defined our success. Oshkosh is an ideal partner for us to apply that mindset to some of the most significant challenges facing customers today,” said Matt Carroll, Pratt Miller Chief Executive Officer. “Together, we expect to grow our decade-long partnership and expand our pipeline of new business opportunities. We look forward to learning from one another and continuing to innovate to bring market-leading products to our customers.”
The transaction is expected to close in the first calendar quarter of 2021 and is subject to customary closing conditions.
About Oshkosh Corporation
At Oshkosh (NYSE: OSK), we make innovative, mission-critical equipment to help everyday heroes advance communities around the world. Headquartered in Wisconsin, Oshkosh Corporation employs more than 14,000 team members worldwide, all united behind a common cause: to make a difference in people’s lives. Oshkosh products can be found in more than 150 countries under the brands of JLG®, Pierce®, Oshkosh® Defense, McNeilus®, IMT®, Frontline™, Jerr-Dan®, Oshkosh® Airport Products and London™. For more information, visit oshkoshcorp.com.
®, ™ All brand names referred to in this news release are trademarks of Oshkosh Corporation or its subsidiary companies.