Pratt & Miller Engineering, the firm that manages the Corvette Racing program, has been sold Oshkosh Corporation in a deal worth $115 million according to SportsCar365.com.
Founded by Gary Pratt and Jim Miller in 1989, Pratt & Miller’s current business portfolio includes artificial intelligence, robotics, and autonomous vehicle systems along with its motorsports and racing division. Lately, the company has been heavily involved in the development of next-generation prototypes of tactical and combat vehicles and systems for the military.
Oshkosh Corporation is a publicly-traded company (NYSE Symbol: OSK) that specializes in “mission-critical vehicles and essential equipment”. The purchase of Pratt and Miller includes all assets of the engineering firm including its motorsports division and is U.S. Defense projects. Pratt and Miller will continue to operate under their name at its current headquarters in New Hudson, Michigan.
“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.”
Pratt and Miller has led the factory racing efforts for Corvette since the brand returned to racing in 1999. The engineering firm has a close working relationship with General Motors and the Corvette production team and many of the innovations and lessons learned from racing have made it over to the production cars.
The merger is expected to close in the first quarter of 2021.
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