Polaris 2011 Annual Report Download - page 6

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Our Off-Road Vehicles division is leveraging
Swissauto’s industry-leading engine design
and performance capabilities, and fully
embracing LEAN engineering development
to create a robust and exciting new product
pipeline. In conjunction with the disciplined
and successful turnaround of our Victory®
Motorcycle business, we acquired the
iconic Indian®
Motorcycle Company and are
significantly expanding the market presence
of our global motorcycle business. The
passion, creativity and hard work that our
team pours daily into Victory and Indian
inspires confidence in our ability to turn
this potential into a reality of great bikes
andbrands.
Our heritage Snowmobile business
combined dramatic improvements in quality
with dynamic new sleds to gain market
share — while more than doubling their
operating profit from the prior year. Likewise,
our Parts, Garments and Accessories (PG&A)
business drives innovation and growth for
each of our product divisions, and remains
our highest-margin and second-largest
business unit. In an effort to further PG&A’s
considerable success, we have augmented
our leadership team with seasoned retail and
merchandising executives, and expect growth
to accelerate in 2012 and beyond.
While the size of our newest business is
currently proportional to that of its products,
our Small Electric Vehicles segment offers
Polaris exciting opportunities in an attractive,
fragmented $4billion industry. By enhancing
product design and global distribution
in our most recent acquisitions of GEM
We are proud of
our performance,
though we
remain hungry
and humbled by
the challenge
of reaching our
ultimate goal:
to become a
highly profitable,
$5billion global
enterprise by 2018.
and Goupil — while incorporating Polaris’
renowned ride and handling — we are laying
a foundation to scale rapidly and profitably
in this newmarket.
The electric RANGER®
was among the many
products that enabled Polaris Defense to
achieve record sales and profitability in
2011. With numerous contract wins and
an extensive array of products designed
specifically for the needs of our military
customers, the Defense business begins
2012 with a record backlog and strong
prospects for further growth.
From our core Powersports business to
our exciting new product lines, the Polaris
International team pulls on all of our
resources as they bring the best of Polaris
to new customers around the world. Under
the leadership of two highly experienced
executives, we have assembled talented
teams that are building some of our most
promising growth platforms. By applying the
lessons learned from our successful business
in Europe, we are more agile and responsive
in China, India, the Middle East and other
rapidly growing markets.
Polaris has come a long way from the depth
of the recession in 2009; determination
and perseverance remain key drivers of our
present success. We are fully prepared to
deal with adverse conditions that may arise
from the multitude of economic and political
threats around the world. We enter 2012
committed to staying on offense and keeping
a laser focus on executing the Strategic
Objectives that have served Polaris and our
shareholders well.
Sincerely,
Scott W. Wine Bennett J. Morgan
Chief Executive Officer President and Chief Operating Officer