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$PII's BoD approved a 5% increase in the regular quarterly cash dividend, raising the payout to $0.58 per share. This represents the 22nd consecutive year of $PII lifting its dividend effective with 1Q17 dividend. The dividend will be payable on March 15, 2017 to shareholders of record on March 1, 2017.
$PII agreed to buy private;y-held Transamerican Auto Parts (TAP), an integrated maker of off-road Jeep and truck accessories, for $665MM. It will close by year-end 2016. TAP will operate as distinct business unit reporting to Steve Eastman, $PII's PG&A President. $PII will fund acquisition with borrowings under existing credit facilities.
Powersports company $PII has updated its full-year guidance. The company now expects full-year 2016 diluted EPS to be $3.30-3.80, $2.50-2.70 per share lower than previously expected of which approx. two-thirds is expected to be incurred in 3Q16. $PII expects full-year 2016 total sales to be down in the mid to high-single digit percent range.
$PII said it appointed John Olson as VP and General Manager for Polaris Defense, effective immediately. Reporting directly to Bob Mack, President, Global Adjacent Markets, Olson will execute complete Polaris Defense P&L responsibility, lead and develop the long term strategy for the organization.
$PII said it appointed Joel Houlton as VP of Global Safety and Quality. Houlton will dual-report to Scott Wine, CEO and Chairman, and Ken Pucel, EVP, Operations, Engineering and Lean. Houlton will lead newly formed organization focused on safety and quality in design, supplier development, manufacturing, and post-sales surveillance processes.
$PII said it conducted a thorough investigation to pinpoint the root causes and put forward a comprehensive solution to address them. All affected vehicle owners will be asked to contact a dealer to schedule a complimentary service appointment, which should take about one hour.
$PII said it is voluntarily recalling certain RZR 900 and 1000 off-road vehicles manufactured since model year 2013 due to reports of thermal-related incidents, including fires. This is jointly announced with the U.S. Consumer Product Safety Commission and the company.
Snowmobiles and AATV maker $PII said it named Bob Mack as the senior vice president of Corporate Development and Strategy, and President of Adjacent Markets, effective April 1. In his new role, Mack will report to chairman and CEO Scott Wine.
$PII said it acquired Taylor-Dunn, a leading provider of industrial vehicles, serving a broad range of commercial, manufacturing, warehouse and ground-support customers. Taylor-Dunn, a privately owned company based in Anaheim, California, will join the company's Work & Transportation division. The terms of the transaction were not disclosed.