Late last year, it was revealed that Oshkosh Corporation planned to acquire Pratt Miller for a cash-free, debt-free purchase price of $115 million.
Now the two companies have made the acquisition official, completing the transaction and bringing the two advanced engineering firms together under one umbrella.
“We are pleased to complete the acquisition of Pratt Miller, an organization led by its world-class engineering and motorsports heritage,” said Oshkosh Corporation President and Chief Operating Officer John C. Pfeifer. “This acquisition will allow us to leverage Pratt Miller’s experience and innovation in areas such as artificial intelligence, robotics, autonomous and connected systems and electrification, positioning our Company for future growth.”
Pratt Miller is best known as the operator of General Motors’ Corvette Racing factory motorsports program. The Michigan-based company also specializes in advanced engineering, including in areas such as software, artificial intelligence, robotics and autonomous and electric vehicle systems, among more. Oshkosh Corporation is a self-described “leading innovator of mission-critical vehicles,” for military applications and other industrial vehicles and equipment.
While Oshkosh Corporation now owns Pratt Miller, the companies will continue to operate independently of one another. Pratt Miller will also maintain its name, team members, facilities, and branding elements and will “maintain focus on its motorsports business in partnership with General Motors.” Oshkosh says it will receive “immediate access to additional and complementary engineering expertise,” from Pratt Miller, however, which will help it gain a better position in the competitive military engineering space.
“We look forward to welcoming the Pratt Miller team to Oshkosh Corporation,” Pfeifer added. “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 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 has also developed other GM race cars and run other GM racing programs, including the Pontiac GTO.R for the Grand American Rolex Series and the GT3-spec Cadillac ATS-V.R.
Corvette Racing is currently in Daytona preparing for the IMSA season-opening Rolex 24 at Daytona, where it will compete in the GTLM class against high-end manufacturers like Porsche, BMW and Ferrari.