Briggs & Stratton has filed for Chapter 11 and will be sold to KPS Capital Partners
The company is one of the largest small engine manufacturers in the world
It is the largest manufacturer of air-cooled gasoline engines
The coronavirus pandemic has claimed another victim, this time in the form of Briggs & Stratton.
The Wisconsin company said in a statement on July 20 that it was asking for a court-supervised reorganization under Chapter 11 of the U.S. Bankruptcy Code. The company also said it had reached an initial agreement with KPS Capital Partners to sell the entirety of its assets.
Briggs & Stratton says it will continue normal operations as the reorganization takes place and will continue to support customers.
The company produces roughly 10 million small gasoline engines out of 13 facilities in the US as well as 8 other plants in Australia, Brazil, Canada, China, the Netherlands, and Mexico. It produces cast iron as well as aluminium engines, 4-cycle and 2-cycle engines, and outboard powertrains. Its products power everything from go-karts to boats to lawnmowers.
Briggs & Stratton is behind the first lightweight air-cooled aluminium engine which it built for lawnmowers in 1953. The company created the stationary Type “P” engine in the early 1900s which reinvented the 4-cycle gasoline engine industry by being affordable and portable.
The company had recently refocused its efforts on the electrified powertrain industry. Under the direction of KPS Capital Partners, Briggs & Stratton should receive the liquidity and resources it needs to retain its place among the world’s most important engine producers.