Oshkosh to acquire Pratt Miller
JLG owner Oshkosh is to acquire Pratt Miller of New Hudson, Michigan, which specialises in advanced engineering, technology for the defence, motorsport and other markets.
Oshkosh is paying $115 million excluding cash and debt – in other words cash and debt free. Pratt Miller will continue to operate as a stand alone business with the same facilities, branding and employees.
Founded in 1989, the company has in recent years had a strong focus on areas such as artificial intelligence, robotics, autonomous and connected systems and electrification.
Chief operating officer John Pfeifer said: “We look forward to welcoming the Pratt Miller team to Oshkosh. We believe combining Pratt Miller’s engineering expertise with Oshkosh’s innovation and operational strengths will enable us to better serve customers and position our company for growth.”
Pratt Miller chief executive Matt Carroll said: “Pratt Miller’s motorsports heritage has created a culture of speed and agility that has defined our success. Oshkosh is an ideal partner for us to apply that mindset to some of the most significant challenges facing customers today. Together, we expect to grow our decade long partnership and expand our pipeline of new business opportunities. We look forward to learning from one another and continuing to innovate to bring market-leading products to our customers.”