Former Arctic Cat executive Brad Darling, along with an investment group, announced they have purchased the Thief River Falls-based snowmobile manufacturer.

Arctic Cat announced the acquisition from Textron Specialized Vehicles on Thursday. Textron has owned Arctic Cat since 2017. The purchase price, terms and name of the investment group were not released.

It’s not clear how the new ownership will affect previously announced layoffs, according to spokesperson Mark Nigon. The company announced in February that 385 employees in Thief River Falls and 19 in St. Cloud would be laid off in May. At that time, Textron also announced the Thief River Falls facility would shut down manufacturing operations on May 22.

For now, Nigon said, the Thief River Falls plant will continue normal operations, and additional information will be released in the coming days.

Darling, the newly appointed CEO, said he’s excited to begin moving the brand forward.

“The pursuit of the checkered flag is in Arctic Cat’s DNA,” he said in a statement. “It’s what we were built on. Like anyone who has ever grabbed the throttle — it’s a relentless drive that pushes us forward and sparks our passion. Today is the start of a new chapter, one where Arctic Cat returns to the race, but with a powerful understanding: this race is never-ending, and our intent is to lead.”

Darling worked with Arctic Cat for nearly 17 years, most recently as the vice president of the snowmobile division, a position he held for five years, according to his LinkedIn page. He left Arctic Cat in 2016 when he became CEO and president of ARGO, a manufacturer of amphibious vehicles. He will continue to lead both companies, and each brand will be owned and operated separately, according to a news release.

— Forum News Service

IMF chief urges swift trade resolutions

The head of the International Monetary Fund urged countries to move “swiftly’’ to resolve trade disputes that threaten global economic growth.

IMF managing director Kristalina Georgieva said the unpredictability arising from President Donald Trump’s aggressive campaign of taxes on foreign imports is causing companies to delay investments and consumers to hold off on spending.

“Uncertainty is bad for business,’’ she told reporters Thursday in a briefing during the spring meetings of the IMF and its sister agency, the World Bank.

Georgieva’s comments came two days after the IMF downgraded the outlook for world economic growth this year.

Georgieva warned that the economic fallout from trade conflict would fall most heavily on poor countries, which do not have the money to offset the damage.

Mortgage rates ease in past week

The average rate on a 30-year mortgage in the U.S. eased this week, though it remains close to its highest level in more than two months.

The rate fell to 6.81% from 6.83% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 7.17%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell. The average rate dropped to 5.94% from 6.03% last week. It’s down from 6.44% a year ago, Freddie Mac said.

Lawsuit challenges Starbucks sourcing

A labor rights group sued Starbucks on Thursday, alleging that it sourced coffee from a major cooperative in Brazil whose member farms were cited for keeping workers in slave-like conditions.

International Rights Advocates filed the lawsuit in U.S. District Court in Washington on behalf of eight Brazilian coffee farm workers.

The lawsuit alleges that Starbucks violated U.S. trafficking laws by continuing to buy coffee from Cooxupe even after Brazilian authorities repeatedly cited the cooperative for trafficking and forced labor violations.

The plaintiffs — who were not named in the lawsuit because International Rights Advocates said they fear retribution — allege they were lured to farms with the promise of good pay and working conditions. But instead, they were put in filthy housing and the cost of their transportation, food and equipment was deducted from their pay.

Starbucks said Thursday that the lawsuit’s claims are without merit.

— From news services