PIERRE, S.D. (KELO-AM) Polaris Industries Inc. (NYSE: PII) announced today the company will be making a significant investment in technology and equipment upgrades with the help of funding approved by the Board of Economic Development.
“Polaris Industries Inc.’s decision to invest in its Vermillion facility speaks volumes to South Dakota’s strong business climate,” said Gov. Dennis Daugaard. “Whenever we can use our programs to assist a company during its expansion, I am pleased to do so.”
The company will invest nearly $10 million in capital improvements at its Parts, Garments and Accessories (PG&A) Distribution Center in Vermillion, S.D., to install the new material handling systems. The investment is necessary to help the company keep pace with increased demand and reinforce the long-term viability of the Vermillion operation.
Built in 1997, the 385,000-square-foot Vermillion Distribution Center employs 150 workers and supplies more than 60,000 PG&A products to 130 countries, dealers and distributors.
“We are grateful to the city of Vermillion and the state of South Dakota for their support as we invest in our shared future,” said Steve Eastman, vice president of Parts, Garments and Accessories, Polaris. “These improvements will create efficiencies that notably enhance the throughput of our Vermillion Distribution Center. This investment is a sign of our joint commitment to this facility, this community and a strong and vibrant workforce.”
The Board of Economic Development approved Polaris for funding through the Reinvestment Payment Program to assist in offsetting some of the upfront costs associated with the improvements. The company also received a Workforce Development grant for employee training. The city of Vermillion and the Vermillion Area Chamber and Development Company are partnering to offer up additional funding in conjunction with the Governor’s Office of Economic Development (GOED) programs.
Polaris expects to complete the installation of the new material handling systems by December 2014.
Polaris is a recognized leader in the powersports industry with annual 2013 sales of $3.8 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 on-road electric/hybrid powered 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 electric/hybrid powered 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 Engineered parts, accessories and apparel, Klim branded apparel and ORV accessories under the Kolpin and Cycle Country brands.
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.