Pratt & Miller, the Michigan-based engineering firm that runs the Corvette Racing program, has been sold to Oshkosh Corporation for $115 million.
Oshkosh Corporation, which operates out of Oshkosh, Wisconsin, is a manufacturer of industrial vehicles and equipment. The acquisition will give Oshkosh access to Pratt & Miller’s engineering expertise in areas such as software, artificial intelligence, robotics and autonomous and electric vehicle systems, among more, although Pratt & Miller will continue to operate independently of Oshkosh and the other brands in its portfolio.
“We look forward to welcoming the Pratt Miller team to Oshkosh Corporation,”Oshkosh Corporation President and Chief Operating Officer John Pfeifer said in a statement. “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.”
The acquisition includes all elements of Pratt & Miller’s business, including its motorsports division. The company’s racing operations, which include the factory-backed Corvette Racing program and Camaro GT4.R customer race car, will be unaffected by the sale. Pratt & Miller also lends Chevy some engineering talent for its NASCAR Cup Series and IndyCar Series efforts, including for advanced vehicle and aerodynamic testing and simulation solutions.
Pratt & Miller was founded by Gary Pratt and Jim Miller in 1989 and has been in charge of the Corvette Racing program since 1999. The engineering company also helped develop other GM race cars and programs, including the Pontiac GTO.R for the Grand American Rolex Series and the GT3-spec Cadillac ATS-V.R.
While Pratt & Miller is well-known for its motorsports endeavors, it is also heavily involved in the development of tactical and combat vehicles as well as next-generation military prototypes. Similarly, Oshkosh is involved in the development and production of various military vehicles and mobility systems through its Oshkosh Defense brand.