Profit engine stalls at Briggs & Stratton
Briggs & Stratton decided not to make a $6.7 million interest payment on its 6.875% senior notes due in 2020, reports Koyfin.
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Briggs & Stratton has with a long history of manufacturing small gasoline engines and now has entered a 30-day grace period that began June 15, 2020, to start negotiating with its debt holders on a possible bankruptcy filing. It designs, manufactures, markets, sells, and services gasoline engines for outdoor power equipment to the original equipment manufacturers in the United States. It operates in two segments, Engines and Products.
The Engines segment offers four-cycle aluminum-alloy gasoline engines that are used primarily by the lawn and garden equipment industry. This segment’s products are used in various lawn and garden equipment applications, including walk-behind lawn mowers, riding lawn mowers, garden tillers and snow throwers, as well as products for industrial, construction, agricultural, and other consumer applications, such as portable and standby generators, pumps, and pressure washers. It also manufactures and sells replacement engines and service parts to sales and service distributors. This segment primarily sells commercial engines under the Vanguard name.
The Products segment primarily provides a line of lawn and garden power equipment, turf care products, portable and standby generators, pressure washers, snow throwers, and job site products. This segment sells its products through various channels of retail distribution comprising consumer home centers, warehouse clubs, mass merchants, independent dealers and distributors, and online merchants under its own brands that include the Briggs & Stratton, Simplicity, Snapper, Snapper Pro, Ferris, Allmand, Billy Goat, Hurricane, Murray, Branco, and Victa, as well as other brands, which comprise Craftsman and Troy-Bilt.
For more market analysis, go to https://www.koyfin.com/snapshot/s/BGG
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