MILWAUKEE -- Briggs & Stratton's Power Products of Wisconsin Wednesday signed an agreement to buy Simplicity Manufacturing of Wisconsin for $227.5 million.
The cash price is subject to adjustments.
Briggs & Stratton is a producer of air-cooled gasoline engines for outdoor power equipment. The company designs, manufactures, markets and services these products for original equipment manufacturers worldwide. In addition, the Company's wholly-owned subsidiary Briggs & Stratton Power Products Group is a designer, manufacturer and marketer of portable generators, pressure washers and related accessories.
Simplicity Manufacturing is a designer, manufacturer and marketer of a broad range of outdoor power equipment used in both consumer and commercial lawn and garden applications. The company had net sales of $285 million for the 10 months ended April 30 and anticipates net sales of approximately $350 million for the 12 months ending June 30.
Briggs & Stratton said it expects the deal will lead to diluted earnings by 35 to 45 cents a share in fiscal 2005 based on preliminary purchase price allocations.
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