Pratt Miller Engineering sold for $115 million

Pratt Miller Engineering sold for $115 million

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Pratt Miller Engineering sold for $115 million

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Pratt Miller Engineering, the racing team formed in 1989 by Gary Pratt and Jim Miller, has been sold to Oshkosh Defense. Best known as General Motors’ longstanding motorsports service provider, most notably with the championship-winning Corvette Racing team, PME added a defense division in 2013 which has earned numerous contracts within the American military.

Once the sale is complete in early 2021, Oshkosh is expected to pay $115 million for the Michigan-based firm.

“Pratt Miller’s motorsports heritage has created a culture of speed and agility that has defined our success,” said PME CEO Matt Carroll. “Oshkosh is an ideal partner for us to apply that mindset to some of the most significant challenges facing customers today. Together, we expect to grow our decade-long partnership and expand our pipeline of new business opportunities. We look forward to learning from one another and continuing to innovate to bring market-leading products to our customers.”

With Oshkosh’s interests in PME falling on the defense side of the company, RACER understands its racing activities on behalf of Corvette will not be altered or impacted by the sale.

“Pratt Miller has made significant advances in dynamic growth areas such as artificial intelligence, robotics, autonomous and connected systems and electrification,” said Oshkosh president John Pfeifer.

“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.”

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