Dec. 6: Polaris buys Idaho maker of riding gear
- Article by: DEE DePASS
- Star Tribune
- December 6, 2012 - 9:46 PM
Medina-based Polaris Industries Inc. got gussied up Thursday when it purchased Teton Outfitters, an Idaho riding-gear company that designs and sells helmets, boots and riding suits for motorcycle and snowmobile enthusiasts.
Terms were not disclosed.
Teton generates about $30 million in annual sales and is perhaps best known for its line of KLIM technical riding gear.
Steve Eastman, Polaris vice president of parts, garments and accessories (PGA), said, "Adding an outstanding brand like KLIM, whose strengths complement our existing business, gives us a more complete PGA lineup, one which will flourish on the global market."
Remaining in Idaho
Polaris will keep the KLIM brand and its operations and staff in Rigby, Idaho.
In a statement, KLIM founder Justin Summers, said "I am very proud of what we have built at KLIM, and I am fired up that the next chapter of the KLIM story will be written through our exciting partnership with Polaris. KLIM will now have the resources to reach the next level as we continue to innovate."
Summers will join Polaris and will continue to head up the KLIM operation, officials said.
KLIM is expected to complement Polaris' existing garment and accessories business, which recently saw sales leap 14 percent to $128.6 million during the third quarter. PGA sales, which rose 19 percent to $408 million for all of last year, now makes up about 15 percent of corporate revenues.
The new clothing line is sure to be quickly distributed to Polaris' existing ATV, motorcycle and snowmobile dealers around the world. Polaris makes the Victory and Indian motorcycles and Polaris ATVs and snowmobiles. Company sales were $2.7 billion last year and are on course to finish the year around $3 billion, said CEO Scott Wine.
Dee DePass • 612-673-7725
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