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Briggs To Divest Turf Products
As a result of analysis of market dynamics, Briggs & Stratton will reposition to focus its businesses with expected annual sales of approximately $1.0 billion in the design, production and sale of:
- Briggs residential engines
- Vanguard commercial engines
- Briggs standby power generation
- Vanguard commercial battery systems
Priority is placed on divesting the turf products business headquartered in the U.S. the pressure washer and portable generator product lines. This includes equipment sold under the Ferris, Billy Goat, Simplicity, Snapper and Snapper Pro brands.
“We are pursuing a repositioning of the company to simplify our portfolio around our foundational expertise in power application,” says Todd Teske, chairman, president and CEO. “This action gives us an opportunity to streamline and optimize our corporate infrastructure to support higher profitability, as well as to strengthen our balance sheet with proceeds from the divestiture of strong, yet non-core, assets.”
Management also updated its long-term financial targets to include 2-4% organic sales growth with focused growth areas exceeding 10% organic sales growth.
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