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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities and Exchange Act of 1934
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Dated: May 18, 1994
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 (Commission File (I.R.S. Employer
of 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.
SPIN-OFF OF BRIGGS & STRATTON TECHNOLOGIES AND PLAN
OF FACILITIES RELOCATION.
On May 17, 1994, the Board of Directors of Briggs & Stratton
Corporation (the "Company") approved the spin-off of Briggs & Stratton
Technologies Division. The Company's Board of Directors has directed
management to proceed with the spin-off and it is currently anticipated that
the spin-off will occur as of January 1, 1995. Full details of the spin-off
remain to be worked out.
On May 17, 1994, the Board of Directors also approved a plan of
relocation for several of the Company's facilities (the "Plan of Relocation").
The Plan of Relocation provides for the expansion of existing facilities and
the establishment of three new manufacturing facilities outside of Milwaukee.
It is anticipated that the Plan of Relocation will involve capital expenditures
of approximately $112 million over the next two years.
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
This report requires no filing of financial statements or pro forma
financial information.
(A) FINANCIAL STATEMENTS:
Not applicable.
(B) PRO FORMA FINANCIAL INFORMATION:
Not applicable.
(C) EXHIBITS:
News Releases dated May 17, 1994 are 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: May 18, 1994 By: /s/ Robert H. Eldridge
Robert H. Eldridge,
Secretary-Treasurer
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FOR MORE INFORMATION CONTACT: FOR IMMEDIATE RELEASE
Robert H. Eldridge
Secretary - Treasurer
Telephone: (414) 259-5333
Facsimile: (414) 259-5773
BRIGGS & STRATTON ANNOUNCES LOCK DIVISION SPIN-OFF
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MILWAUKEE, WI--MAY 17, 1994--BRIGGS & STRATTON CORPORATION
Briggs & Stratton Corporation (NYSE-BGG) announced today that its Board of
Directors approved the spin-off of Briggs & Stratton Technologies Division to
Briggs & Stratton's shareholders. It is anticipated that in late 1994, a
subsidiary of the Company will be formed and the shares of the new corporation
will be distributed to the shareholders of Briggs & Stratton.
Briggs & Stratton Technologies Division is one of the leading providers of
locks and keys for use in automobiles and other products. The spin-off of
Briggs & Stratton Technologies will allow Briggs & Stratton to achieve its
strategic objectives and concentrate its attention on operating the core
engine business, while permitting the new corporation to have direct access to
the capital markets and allowing flexibility and incentives for Briggs &
Stratton Technologies to expand its business.
The Board directed management to proceed with the spin-off and the Company
currently anticipates the spin-off to shareholders will occur as of December
31, 1994. Full details of the spin-off remain to be worked out, and it is
anticipated that the shares of the new corporation will be publicly traded.
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FOR MORE INFORMATION CONTACT: FOR IMMEDIATE RELEASE
James A. Wier
Executive Vice President, Operations
Telephone: (414) 259-5828
Facsimile: (414) 259-5313
FACILITIES RELOCATION
MILWAUKEE, WI.--MAY 17, 1994--BRIGGS & STRATTON CORPORATION
The Board of Directors of Briggs & Stratton Corporation today approved
management's recommendation to expand existing facilities and establish three
new manufacturing facilities outside of Milwaukee, consistent with all relevant
legal and contractual obligations. These facilities initiatives are required
due to economic considerations and capacity requirements. While the sites for
the facilities have not as yet been selected, the Company anticipates the
facilities will be in the United States, closer to our major customer
locations. The balance of the Small Engine Division operations will be
relocated, and the Poplar Bluff and Murray plants will be expanded. In
addition, the entire Model 28 (10-14 horsepower) engine operations and the
assembly operations for Models 13, 17 and 19 (5-9 horsepower) of the Company's
Large Engine Division and ancillary operations (including some die casting)
will be moved. It is anticipated that the facilities relocation will be
implemented over a 3 to 4 year period and will involve capital expenditures of
approximately $112 million. Approximately 2,000 Milwaukee area hourly
employees will be affected by this action beginning in mid-1995 and extending
through 1997.
James A. Wier, Executive Vice President of Operations for Briggs & Stratton
said, "this decision has been the most difficult one we have had to make. We
have known that the economics of our Milwaukee operations needed to be
addressed, particularly as they relate to meeting our critical customer needs.
We intend to set down with the Union leadership so that we can discuss, and
minimize, the effects of these decisions on our employees and their families."
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