Polaris Industries Inc. to Invest in Capital Improvements at Vermillion, S.D. Facility>
Pierre, SD (April 8, 2014) – Polaris Industries Inc. (NYSE: PII) today announced the company will make nearly $10 million of capital improvements at its parts, garments and accessories (PG&A) distribution center in Vermillion, S.D., to install new material handling systems that will support the company’s continued global growth and commitment to lean operations.
Built in 1997, the 385,000-square-foot, 150 employee Vermillion Distribution Center supplies more than 60,000 PG&A products to 130 countries, dealers and distributors. To keep pace with increased demand and ensure the long-term viability of the Vermillion operation, the company, with support from the city of Vermillion and the state of South Dakota, will be making a significant investment in technology and equipment upgrades.
“Polaris Industries Inc.’s decision to invest almost $10 million into its PG&A 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.”
“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.”
To support this investment, the Board of Economic Development approved Polaris for two programs today, the Reinvestment Payment Program and the Workforce Development Program, which will offset state sales and use tax paid on eligible equipment cost. The city of Vermillion and the Vermillion Area Chamber and Development Company are partnering to offer up to an 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.