RER Magazine

SUBSCRIBE NOW!

Newsletters

SUBSCRIBE NOW!

 

Blog

Newsletters

Stay up-to-date on the latest marketing intelligence and opportunities.

RER Reports RER ProductWire
Subscribe

Issue Archive

Event Calendar

The Rental Show– New Orleans, LA
February 6-8, 2012

» More events and information

Social Media

More ways to stay informed...

  

follow us on twitter

Find us on Facebook


Briggs & Stratton to Acquire Lawnmower Supplier Murray

The U.S. Bankruptcy Court in Nashville, Tenn., last week approved Briggs & Stratton’s acquisition of the assets of Murray Inc., a Brentwood, Tenn.-based manufacturer of lawnmowers and snowblowers currently under Chapter 11 bankruptcy protection. Murray owed Briggs & Stratton more than $30 million, and its failure to pay caused the Wauwatosa, Wis.-based engine maker’s quarterly net income to drop 66 percent to $7.1 million, or 14 cents per share, compared with $20.6 million, or 43 cents per share for the same period a year ago.

Still, Briggs & Stratton’s net sales for the three months ended in December increased 21 percent to $503.7 million, up from $416 million a year ago. The majority of the sales growth stemmed from additional sales revenue of $72.4 million from Port Washington, Wis.-based manufacturer Simplicity, which Briggs acquired in July 2004. If it were not for the write-off of the Murray debt, net income for the quarter would have increased because of price improvement and a more profitable mix of engine products sold.

Briggs & Stratton is projecting fiscal third-quarter net income growth of 13 to 15 percent, and sales growth of 30 percent.

Want to use this article? Click here for options!
© 2012 Penton Media Inc.


Acceptable Use Policy
blog comments powered by Disqus

most recent story

popular articles

Popular Articles

Recent Comments

Stock Block

Buyers Guide

Buyers Guide

The RER Industry Directory is the resource buyers like yourself rely on when looking for up-to-date information on the products or services you are searching for.

Learn More
Sourcebook

Rental Rate Guide

Rental Rate Guide 2012

Want to know how much equipment is renting for these days? Find out in RER's original 2012 Rental Equipment Rate Guide.

Learn MoreAdd to Shopping Cart
Sourcebook