Arctic Cat Moving Headquarters from Plymouth to Minneapolis
By Business Wire News
By Business Wire News
To accommodate growth, Arctic Cat Inc. (NASDAQ: ACAT) today announced it will move its corporate headquarters from Plymouth, Minn., to the North Loop area of downtown Minneapolis. Arctic Cat intends to occupy the entire six-story building, formerly known as the Western Container site, at 500 North 3rd Street, Minneapolis, 55401.
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The new headquarters building will have approximately 55,000 square feet versus 11,000 square feet in the company’s current corporate office, which is at capacity and unable to meet the future needs of the business. The financial terms of the lease were not disclosed.
“Our headquarters relocation will enable us to bring our leadership team and critical functions together in one space, to achieve our strategic growth and innovation plans,” said Christopher Metz, Arctic Cat’s president and chief executive officer. “The Minneapolis North Loop is an historic and trendy warehouse district, making it a terrific complement for our iconic brand. This desirable and up-and-coming area is near a host of urban amenities, and it offers easy access to public transportation and a central Twin Cities location that will help us attract talent as we grow. We are excited to enter a new era for Arctic Cat.”
The company anticipates that it will begin occupying the new headquarters in the summer of 2016. Over time, approximately 150 to 200 personnel will be housed in the new location. Arctic Cat’s facilities in Thief River Falls and St. Cloud, Minn., will remain vibrant manufacturing sites. While select employees will be asked to relocate to the corporate headquarters, the company anticipates that overall employment levels at its St. Cloud and Thief River Falls locations will not be affected.
About Arctic Cat
The Arctic Cat brand is among the most widely recognized and respected in the recreational vehicle industry. The company designs, engineers, manufactures and markets all-terrain vehicles (ATVs), side-by-sides and snowmobiles, in addition to related parts, garments and accessories under the Arctic Cat® and Motorfist® brand names. Arctic Cat Inc. is headquartered in Minneapolis, Minnesota. Its common stock is traded on the NASDAQ Global Select Market under the ticker symbol “ACAT.” More information about Arctic Cat and its products is available at www.arcticcat.com.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for certain forward-looking statements. The company’s Annual Report, as well as the Report on Form 10-K, its Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission, the company’s press releases and oral statements made with the approval of an authorized executive officer, contain forward-looking statements that reflect the company’s current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated. The words “aim,” “believe,” “expect,” “anticipate,” “intend,” “estimate” and other expressions that indicate future events and trends identify forward-looking statements including statements related to our fiscal 2016 outlook, business strategy, expected inventory reductions, product introductions and demand. Actual future results and trends may differ materially from historical results or those anticipated depending on a variety of factors, including, but not limited to those set forth in the company’s Annual Report on Form 10-K for the year ended March 31, 2015, under heading “Item 1A. Risk Factors.” The company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.