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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): MARCH 1, 2001
Generac Portable Products, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 1-15047 13-4006887
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(State of Incorporation) (Commission File Number) (IRS Employer
Identification No.)
1 Generac Way
Jefferson, Wisconsin 53549
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (920) 674-3750
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
On March 1, 2001, Briggs & Stratton Corporation announced that it had
signed a letter of intent to acquire Generac Portable Products, Inc. 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 Generac Portable Products, Inc.'s
second quarter.
A copy of the news release announcing the proposed acquisition is filed
as Exhibit 99.1 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 our 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 our
control.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits.
99.1 Text of News Release, dated March 1, 2001
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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 hereunto duly authorized.
Date: March 14, 2001 GENERAC PORTABLE PRODUCTS, INC.
By: /s/ Eric R. Wilkinson
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Eric R. Wilkinson
President
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INDEX TO EXHIBITS
EXHIBIT NUMBER AND DESCRIPTION PAGE
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99.1 Text of News Release, dated March 1, 2001
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