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Polaris to Acquire Global Electric Motorcars LLC (GEM)

 
(4/28/2011)
Polaris to Acquire Global Electric Motorcars LLC (GEM)


Provides future growth opportunities within the low-emission small vehicle market

MINNEAPOLIS (April 25, 2011) — Polaris Industries Inc. (NYSE: PII) today announced an
agreement to acquire Global Electric Motorcars LLC (GEM), a wholly owned Fargo, N.D. based
subsidiary of Chrysler Group LLC and manufacturer of premium electric-powered vehicles.
GEM is the recognized leader within the low-speed vehicle market, with a well-respected brand
and approximately $30 million in sales during the 2010 calendar year. Since the company was
established in 1998, they have placed over 45,000 electric-powered vehicles on the road
worldwide. GEM has developed business-to-business sales expertise within the fleet and
government vehicle markets, and has created a competitive advantage with core competencies in
make-to-order vehicle fulfillment and mobile service support.


“GEM provides Polaris with an established position in the low-emission small vehicle market
and supports Polaris’ strategy of penetrating on-road market segments poised for growth,” said
Scott Wine, Polaris chief executive officer. “We are excited about the outlook for growth within
this market space, and are looking forward to developing even stronger growth prospects for the
GEM business.”

“Our vision is to accelerate profitable sales growth for GEM, by combining Polaris’ strength in
new product innovation with the most-recognized brand in the low speed vehicle market space,”
said Mike Jonikas, Vice President of the On-Road Vehicle Division. “These new product efforts
for GEM will be supported by an expanded distribution presence within select domestic and
international markets.”

The agreement to acquire GEM will officially close within the next 60 days once Polaris secures
the required state sales certifications to sell GEM products. During this interim period, since
Polaris will not yet have officially acquired GEM, operations will proceed as usual and Polaris
will continue to learn and understand the GEM business through information
exchange. Following this interim period, Polaris will be in a position to outline specific plans for
the GEM business.

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