MILWAUKEE, Nov. 2 -- Briggs and Stratton Corporation announced today that it has acquired Premier Power Equipment and Products Private Ltd. of Tamil Nadu, India (Premier) for approximately $3 million in cash, subject to adjustments. The transaction was closed today.
Premier is a designer, manufacturer and marketer of tillers, weeders, harvesters, transplanters, pumps and portable generators used primarily in agricultural applications throughout India. In addition, Premier currently uses Briggs and Stratton engines on its products and distributes Briggs and Stratton engines in India. Its products are sold through a network of approximately 60 dealers in India.
"The acquisition of Premier is another step forward in executing our strategy to expand in developing regions of the world in order to diversify our product and geographic portfolio of business. Premier has the agricultural products and distribution that will serve as a platform for our future growth within India," said Todd Teske, Chairman, President and Chief Executive Officer of Briggs and Stratton Corporation.
Briggs and Stratton is financing the transaction from cash on hand. It expects that the acquisition will not have a material effect on earnings in fiscal 2012.
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