Briggs & Stratton files for bankruptcy protection
Small engine manufacturer Briggs & Stratton Corp., founded in Milwaukee in 1908, has filed for bankruptcy protection with plans to sell its assets to a private equity firm that specialises in manufacturing and has done previous deals in Wisconsin.
According to a report in the Milwaukee Journal Sentinel, Briggs filed for Chapter 11 in the U.S. Bankruptcy Court for the Eastern District of Missouri. Under Chapter 11, a company and its creditors work out a reorganization plan that enables the business to continue to operate.
Briggs, the world’s largest manufacturer of small gasoline engines, employs about 5,000 people worldwide including around 1,300 in the Milwaukee area. Years ago, the company had 11,000 employees just in Wisconsin.
As part of the bankruptcy, KPS Capital Partners LP, a New York private equity firm, agreed to buy all of Briggs’ assets for approximately $550 million.
Picture courtesy of the Milwaukee Journal Sentinel. Read the full report here