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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934
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Date of Report: March 1, 2001
BRIGGS & STRATTON CORPORATION
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(Exact name of registrant as specified in its charter)
A WISCONSIN CORPORATION 1-1370 39-0182330
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(State or other jurisdiction of (Commission File (I.R.S. Employer
incorporation) Number) Identification No.)
12301 WEST WIRTH STREET, WAUWATOSA, WISCONSIN 53222
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (414) 259-5333
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ITEM 5. OTHER EVENTS
LETTER OF INTENT SIGNED FOR ACQUISITION OF GENERAC PORTABLE
PRODUCTS.
On March 1, 2001, Briggs & Stratton Corporation announced that it has
signed a letter of intent to acquire Generac Portable Products, Inc. of
Jefferson, Wisconsin for $55 million in cash. Total consideration at closing,
which will include an anticipated $215 million of outstanding debt, is expected
to be $270 million. The letter of intent also includes an earnout provision
based on future earnings through June 2002.
Completion of the transaction is subject to negotiation of a definitive
agreement and other customary conditions for a transaction of this type. The
transaction is targeted for finalization in Briggs & Stratton's fiscal fourth
quarter.
A copy of the News Release announcing the proposed acquisition is filed
as an exhibit to this report.
CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS
The attached press release contains certain forward-looking statements
that involve risks and uncertainties that could cause actual results to differ
materially from those projected in the forward-looking statements. The words
"anticipate", "believe", "estimate", "expect", "objective", and "think" or
similar expressions are intended to identify forward-looking statements. The
forward-looking statements are based on the Company's current views and
assumptions and involve risks and uncertainties that include, among other
things, the completion of the transaction; anticipated sales and manufacturing
levels; operating expenses; interest expense; the effects of weather on consumer
purchasing patterns for generators; the seasonal nature of the generator and
pressure washer business; the speed and timing of the reduction of generator
inventories remaining from Y2K; actions of competitor engine and original
equipment manufacturers; changes in laws and regulations, including accounting
standards; employee relations; customer demand; prices of purchased raw
materials and parts; domestic economic conditions, including housing starts and
changes in consumer disposable income; and other factors that may be disclosed
from time to time in SEC filings or otherwise. Some or all of the factors may be
beyond the Company's control.
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
This report requires no filing of financial statements of pro forma
financial information.
(C) EXHIBIT:
Exhibit
Number Description
99 News Release dated March 1, 2001.
(Filed herewith.)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
BRIGGS & STRATTON CORPORATION
Date: March 1, 2001 By: /s/ James E. Brenn
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James E. Brenn, Senior Vice President
and Chief Financial Officer
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