Oshkosh Corporation, a provider of mission-critical vehicles and essential equipment, today announced the completion of the previously announced acquisition of Pratt Miller, which specialises in advanced engineering, technology and innovation across the motorsports and multiple ground vehicle markets, for a cash-free, debt-free purchase price of $115 million.

“We are pleased to complete the acquisition of Pratt Miller, an organisation led by its world-class engineering and motorsports heritage,” said John C. Pfeifer, Oshkosh Corporation President and Chief Operating Officer. “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.”

As a result of the completion of the transaction, Pratt Miller will maintain its name, team members, facilities, branding elements and will maintain focus on its motorsports business in partnership with General Motors. The acquisition will enhance the combined company’s product performance and provide Oshkosh Corporation with immediate access to additional and complementary engineering expertise.