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Polaris reaches $27 million settlement with CPSC for 2016 late reporting claims

The following is a press release from Polaris…

Today, Polaris Industries Inc. (NYSE: PII) announced a $27.25 million settlement with the Consumer Product Safety Commission (CPSC) that resolves two 2016 late-reporting claims. Additionally, Polaris, in partnership with the CPSC, initiated a recall on select RZR XP/XP 4 1000 models. Polaris had previously accrued for these items; as such the Company’s current full year 2018 earnings guidance of $6.00 to $6.20 per diluted share remains unchanged.

“Today's resolution settles these matters with the CPSC. Rooted in our long-standing commitment to our customers and dealers is our guiding principle of ‘safety and ethics always’ and a drive to continually grow and improve as a company, and we have. We are dedicated to leading the industry, not only in innovation and performance, but in safety and quality — because we will accept nothing less. I am extremely confident in the strength of our organization, the quality of our products, and the 11,000 employees who champion the principles and values that embody Polaris,” said Scott Wine, chairman and CEO, Polaris.

Over the past two years, the company has centralized its product safety organization, enhanced its post sales surveillance and analytics, and invested in industry-leading talent, tools and processes. Polaris remains vigilant and focused on continually learning and bolstering its safety and quality practices.

“Polaris is making safety and quality a competitive advantage. As the result of our comprehensive approach and significant investment, we are seeing the tangible results of our efforts, both in the quality of vehicles we are building today and in our approach to preventing, monitoring and responding to safety matters,” said Ken Pucel, executive vice president of Global Operations, Engineering and Lean, Polaris.

Customers can visit Polaris.com/ridersafety to learn more about Polaris’ commitment to its riders, vehicle quality and safety, and safe riding practices. Polaris also continues to partner with the CPSC on the safety of its vehicles and to help advance standards across the off-road vehicle industry.

Polaris strongly encourages its customers to make sure all recalls are completed. Visit www.polaris.com/en-us/rider-support/off-road-recalls and enter a vehicle’s VIN to determine if there is an outstanding recall on the vehicle, or contact Polaris at 800-765-2747 from 7 a.m. to 7 p.m. CT Monday through Friday.

And a press release from the CPSC regarding the recall of 107,000 model year 2014-2018 RZR XP 1000 models...

Polaris Recalls RZR XP 1000 Recreational Off-Highway Vehicles (ROVs) Due to Fire Hazard

Name of product:

Model Year 2014-2018 Polaris RZR XP 1000

Hazard:

If the exhaust silencer fatigues and cracks, the heat shield may not manage heat, which may lead to melting of nearby components or fire.

Remedy: Repair

Recall date: April 2, 2018

Units: About 107,000

Consumer Contact:

Polaris at 800-765-2747 from 7 a.m. to 7 p.m. CT Monday through Friday or online at www.polaris.com and click on “Off Road Safety Recalls” at the bottom of the page for more information. In addition, check your vehicle identification number (VIN) on the “Product Safety Recalls” page to see if your vehicle is included in any recalls. Polaris is contacting all known affected consumers directly.

Recall Details

Description:

This recall involves Model Year 2014-18 Polaris RZR XP 1000 recreational off-highway vehicles (ROVs). The ROVs have “POLARIS” stamped on the front and back grilles, and “Polaris,” “RZR,” “1000,” & “XP” stickers on the side panels. The Vehicle Identification Number (VIN) can be found on the right rear frame of the vehicle, to the rear of the engine.

Remedy:

Consumers should immediately stop riding the affected vehicles and contact a Polaris dealer for a free repair.

Incidents/Injuries:

Polaris has received 30 reports of cracked exhaust silencers, including 3 reports of fire. No injuries have been reported.

Sold At:

Polaris dealers nationwide since December 2013.

Manufacturer(s):

Polaris Industries, Inc., of Minn.

Importer(s):

Polaris Industries, Inc., of Minn.

Distributor(s):

Polaris Industries, Inc., of Minn.

Manufactured In:

United States and Mexico

Recall number: 18-133

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