Oshkosh Defense announces acquisition of Pratt Miller for $115 million

oshkosh-defense-announces-acquisition-of-pratt-miller-for-115-million

Oshkosh Defense LLC, a U.S-based vehicle manufacturer that designs and develops high-performance Defense trucks, has reportedly inked an agreement to acquire Michigan-based Pratt Miller for USD 115 million.

Pratt Miller will keep its brand name, team, and facilities following the acquisition. The Oshkosh will leverage Pratt Miller’s autonomy, artificial intelligence, and robotics expertise.

For the record, Pratt Miller was established in 1989 and is renowned for its robotics capabilities. The company recently awarded with U.S. Army contract in collaboration with QinetiQ to offer prototypes of the light variant of the company’s Robotic Combat Vehicle for assessment.

Since its establishment, Pratt Miller has made substantial advances in several next-generation fields such as robotics, artificial intelligence, autonomous and connected systems, and electrification, which puts Oshkosh Defense more into the robotics game than ever before.

Speaking on which, John Pfeifer, President and Chief Operating Officer at Oshkosh Corporation said that the integration of Oshkosh’s innovation and operational strengths with Pratt Miller’s engineering expertise will enable the company to better cater to customers and position it for growth.

Matt Carroll, CEO at Pratt Miller said that the company motorsports heritage has developed a culture of agility and speed that has defined its success. Oshkosh Defense is an ideal partner for the company that implements that mindset to some of the most substantial challenges facing clients today, he states.

Pratt Miller expects to grow its long-decade collaboration and expand its pipeline of new business opportunities. Mr. Carroll said, while adding that the companies are looking forward to learning from one another and would continue to innovate to bring top-notch products for customers.

Sources cite that the acquisition is currently subject to customary closing conditions. The deal is expected to complete in Q1 2021.

Source credit – https://www.defensenews.com/land/2020/12/15/oshkosh-buys-pratt-miller-for-115m/