(Oshkosh Corporation photo)

Oshkosh Corporation, an innovator of mission-critical vehicles and essential equipment, announced that it has entered into a definitive agreement to acquire Pratt Miller, which specializes in advanced engineering, technology and innovation across the motorsport and multiple ground vehicle markets, for a cash-free, debt-free purchase price of $115 million. Additional terms of the transaction were not disclosed. Pratt Miller will maintain its name, team members, facilities and branding elements.

Founded in 1989 and headquartered in New Hudson, Mich., Pratt Miller brings more than 30 years of experience solving its customers' most complex and technical challenges. Led by its engineering and motorsports heritage, Pratt Miller has made significant advances in dynamic growth areas such as artificial intelligence, robotics, autonomous and connected systems and electrification, according to the company.

"We look forward to welcoming the Pratt Miller team to Oshkosh Corporation," said John Pfeifer, Oshkosh Corporation president and chief operating officer. "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'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," said Matt Carroll, Pratt Miller chief executive officer. "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."

The transaction is expected to close in the first calendar quarter of 2021 and is subject to customary closing conditions.

For more information, visit oshkoshcorp.com.

Today's top stories

Construction Market Boosts Economy

Bobcat Company Donates $885,000 in Equipment to Support Salvation Army's Disaster Relief Efforts

VIDEO: KEMROC Expands; Plans to Increase Nationwide Presence

'Machinery Pete' Interviews Jack Lyon On RFD TV

VIDEO: Two Major Roadway Project Contracts Awarded by State Officials in West Virginia

VIDEO: First of Two Sections of NYC's $1.45B East Side Coastal Resiliency Project Is Complete

John Deere Construction Introduces Flexible Customer Training Options

INFRA Grant Moves Ohio's N. Coast Connector Project Steps Closer