Mission-critical vehicle and equipment manufacturer Oshkosh has completed the previously announced acquisition of Pratt Miller for a cash-free, debt-free purchase price of $115m.
The deal closed more a month after the two companies signed a definitive agreement to execute the transaction.
Founded in 1989, Pratt Miller was a key player in the US robotic vehicle market and was working with QinetiQ to deliver prototypes of the US Army’s Robotic Combat Vehicle-Light (RCV-L).
The acquisition will strengthen Oshkosh’s engineering capabilities as well as improve the combined firm’s product performance.
Oshkosh president and CEO John C Pfeifer said: “We are pleased to complete the acquisition of Pratt Miller, an organisation led by its world-class engineering and motorsports heritage.
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“This acquisition will allow us to leverage Pratt Miller’s experience and innovation in areas such as artificial intelligence, robotics, autonomous and connected systems and electrification, positioning our Company for future growth.”
As earlier agreed, Pratt Miller will retain its brand name, team members, facilities and other elements.
Notably, Oshkosh Defense secured a $911m contract last month from the US Army Contracting Command, Detroit Arsenal, to deliver 2,738 Joint Light Tactical Vehicles (JLTVs).
The majority of the JLTVs are for the US Army, US Navy, US Marine Corps and US Air Force, while 59 vehicles will be delivered to a group of Nato and non-Nato allies.
The Oshkosh Defense JLTV is a light combat tactical vehicle designed to meet future battlefield requirements.