BRIGGS & STRATTON CORP. $18 (New York symbol BGG; Conservative Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 49.8 million; Market cap: $896.4 million; Price-to-sales ratio: 0.4; Dividend yield: 2.4%; TSINetwork Rating: Above Average; www.briggsandstratton.com) is closing plants in Tennessee and the Czech Republic due to declining sales of lawn mowers and snow blowers. It will shift some the production from these plants to other facilities in the U.S. The company expects to complete these closures by May 2012.
These moves will cost Briggs between $50 million and $55 million. To put that in context, it earned $63.2 million, or $0.48 a share, in the fiscal year ended June 30, 2011. However, the closures should cut Briggs’ yearly costs by $18 million to $20 million.
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