Polaris has moved to extend and expand its temporary production operations at "Select Powersports Manufacturing Facilities", expanded its dealer support programs, increased its cash position to maintain its financial strength and flexibility and withdrawn its first quarter and full year 2020 financial guidance.
Scott Wine, Polaris' Chairman and Chief Executive Officer, commented: "As we confront the COVID-19 pandemic, we are focusing on the health and safety of our employees, dealers, customers and the communities where we operate, while also taking bold action to protect our business.
"We have been aggressive with employee safety and supply chain mitigation actions, so our plants have operated effectively to meet the strong retail momentum we saw at the start of the year through the second week of March.
"As anticipated, pandemic concerns ultimately began to impact demand, which dropped suddenly in the middle of last week, and we are adjusting our operations accordingly. Between our Retail Flow Management (RFM) system and our agile workforce, Polaris is built to react quickly during rapidly changing times.
"However, with no near-term resolution to the COVID-19 related economic slowdown in sight, we expect these events to have a significant impact on our 2020 financial results."
The company is suspending production schedules and plant operations for one week at select powersports plants effective Tuesday, March 24th. The affected plants include:
United States: Huntsville, Alabama; Indian Motorcycle production at Spirit Lake, Iowa; Monticello, Minnesota; Roseau, Minnesota; Battle Ground, Washington; Osceola, Wisconsin; Mexico: Monterrey; Poland: Opole.