Diversified manufacturer Textron Inc. (NYSE: TXT), Providence, RI, agreed to acquire ATV manufacturer Arctic Cat Inc. (NASDAQ: ACAT) for $247 million, plus the assumption of existing debt.

 “With our recent product introductions in the outdoor recreational vehicle market under the Stampede name, we believe Arctic Cat, one of the most recognized brands in the industry, provides an excellent platform to expand our portfolio, increase our distribution and create growth within our specialized vehicles business,” said CEO Scott C. Donnelly.

Textron also reported 2016 sales of $13.8 billion, up 2.7 percent from 2015. Profit rose 38 percent to $962 million.

For the fourth quarter, sales were $3.8 billion, down 2.5 percent from the prior-year period. Profit decreased 5.3 percent to $214 million.