Textron Inc. (NYSE: TXT) has reached an agreement to buy Arctic Cat Inc. (Nasdaq: ACAT), a manufacturer of all-terrain vehicles (ATVs) and snowmobiles, for $247 million in cash. The deal aims to help Textron extend its portfolio of outdoor recreational products, as the company saw a decline in revenue across its aviation division that sales Cessna business jets.

“With our recent product introductions in the outdoor recreational vehicle market under the Stampede name, we believe Arctic Cat...provides an excellent platform to expand our portfolio, increase our distribution and create growth within our Specialized Vehicles business,” states Textron CEO Scott Donnelly.

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