Snowmobile manufacturer Polaris has added heritage brand Indian Motorcycle to its roster of vehicles.
Polaris announced the agreement Tuesday with two U.K. investment firms that control Indian Motorcycle, Stellican Limited and Novator Partners LLP.
The terms of the deal were not disclosed. Indian motorcycles are made in North Carolina.
In a statement, Polaris CEO Scott Wine said Polaris was "excited to be part of the revitalization of a quintessentially American brand."
Indian Motorcycles was founded in 1901. It's also the motorcycle ridden by Arnold Schwarzenegger's character in "Terminator 3."
Motorcycle enthusiast Mike Sarrail serves on the board of directors of the Iron Indian Riders and runs the website, The Indian Motorcycle Community Forum. Sarrail says the community has been abuzz with the news.
"The mass majority thinks this looks great. And they think with the money and brains that Polaris has they will move the company forward. Most people are thinking it's going to be a good thing," Sarrail said from his home in California.
Sarrail said he hopes Polaris will introduce racing bikes, which Indian was known for in the early days of the company. Polaris also produces Victory motorcycles, a cruising bike that competes with Harley-Davidson.