GRAND RAPIDS, Minn. – ASV Inc. announced today the signing of a non-binding letter of intent with Caterpillar Inc. that calls for Caterpillar to make an additional investment in ASV. Caterpillar is expected to purchase an additional half million shares at $18 per share, or $9 million, increasing its ownership in the northern Minnesota firm to approximately 15 percent, according to a release issued by ASV.
ASV said the proceeds will help fund the company’s new product development programs.
ASV designs, manufactures and sells all-season, track-drive vehicles and related accessories and attachments that include some uses in the lawn and landscape industry. ASV products feature a patent-pending Maximum Traction and Support System™ undercarriage on its line of rubber-tracked, all-purpose crawlers. ASV's primary product, the Posi-Track, traverses most terrain with minimal damage to the ground, making it effective in construction and landscaping.
Caterpillar is a manufacturer of construction and mining equipment, diesel and natural gas engines and industrial gas turbines.
To learn more about ASV Inc. and the Posi-Track all-purpose crawler, visit the company's web site at www.posi-track.com.
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