Polaris Announces Spirit Lake, Iowa Expansion

    SPIRIT LAKE, Iowa--Nov. 22, 2002--Polaris Industries Inc. today announced plans for a $3 million expansion to the recreational and utility vehicle maker's production facility in Spirit Lake, Iowa. Polaris expects the project to create approximately 120 new jobs in the Iowa Great Lakes area over the next three years.
    The 33,000-square foot addition will house new state of the art manufacturing equipment and space to expand assembly operations. Construction is scheduled to begin in December and the expansion is expected to be fully operational by July 2003. In September, Minnesota-based Polaris announced plans for a major expansion to its Roseau, Minn. facility.
    "We're thrilled to continue to grow and invest in Spirit Lake, which is such an important part of the Polaris family," said Tom Tiller, Polaris president and CEO. "We applaud the State of Iowa for assembling a very attractive financial incentive package that gave us the confidence to make a major investment in our Spirit Lake facilities. This is an outstanding example of industry and government working together for the betterment of all involved."
    David Johnson, Edgar Hetteen and Allan Hetteen founded Polaris in Roseau in 1954. Johnson and Edgar Hetteen invented the modern-day snowmobile in 1956. Over the years, the company has grown to become a $1.5 billion manufacturer of ATVs (now the company's largest business), snowmobiles, watercraft and Victory Motorcycles. The Polaris Spirit Lake facility employs more than 500 people.

    About Polaris

    Information about the complete line of Polaris products is available from authorized Polaris dealers or from the Polaris homepage at polarisindustries.com.
    Polaris designs, engineers, manufactures and markets snowmobiles, all-terrain vehicles, personal watercraft, Victory motorcycles and the Polaris RANGER for recreational and utility use. The Polaris Professional Series, a line of heavy duty Workmobiles(TM) targeted at lawn and landscape companies, equipment rental companies and construction operations, marks Polaris' expansion into the commercial equipment marketplace.
    With annual 2001 sales of $1.5 billion, Polaris is the largest snowmobile manufacturer in the world and one of the largest U.S. manufacturers of ATVs and personal watercraft; while Victory motorcycles represent the first all-new American-made motorcycle in nearly 60 years. Polaris also enhances the riding experience with a complete line of Pure Polaris apparel, accessories and parts, available at Polaris dealerships. Consumers can also purchase apparel and vehicle accessories anytime at polarisindustries.com
    Polaris Industries Inc. trades on the New York Stock Exchange and Pacific Stock Exchange under the symbol "PII," and the company is included in the S&P Small-Cap 600 stock price index.