Briggs & Stratton signs new labor contract
Milwaukee-based Briggs & Stratton has signed a new three-year contract with members of the United Steelworkers Local 2-232 who work at the company’s Wauwatosa, Wis., manufacturing facility, according to the Journal-Sentinel.
Members of the union voted 211-77 to accept the deal, which included a signing bonus and a 2% annual raise over the next three years, but also increased the amount employees pay into their health benefits and allowed the company to hire temporary workers at the facility as it sees fit.
While company officials see the deal as a “win-win,” union leadership said employees lost ground financially, according to the article.
Briggs & Stratton narrows loss in Q1
Milwaukee-based Briggs & Stratton Corp. reported net sales for the first quarter, 2011, at 334.1 million, up 2.9% from $324.6 million reported for the first quarter of fiscal 2010.
For the three-month period ended Sept. 30, the company reported a net loss of $8.1 million, compared with a net loss of $8.7 million for the same period last year.
For the engines segment, the company reported sales of $205.0 million for the quarter, up 0.4% from last year, with a net loss of $5.5 million, compared with a loss of $4.9 million for the same period last year.
For the power products segment, sales were $168.2 million, up 1.4% from the prior year, with a loss of $5.0 million compared with a net income of $2.5 million for the period last year.
“We are pleased with our fiscal 2011 first quarter results as we move forward executing our strategy despite continued economic uncertainty,” commented Todd Teske, chairman, president and CEO of Briggs & Stratton. “We improved sales and operating results through a period of continued slow growth in consumer spending. Along with these improved operating results, our balance sheet remains strong as we continue to focus on efficiently managing our capital.”
Looking forward, the company projects a 2011 net income in the range of $60 million to $70 million with a sales increase of 2% to 4%.
Cicero becomes COO at 84 Lumber
84 Lumber has announced several executive appointments, including the promotion of executive VP Frank Cicero as its new chief operating officer. Cicero, who started with the company as a management trainee 27 years ago, will retain his responsibility for store operations and assume additional corporate duties.
The company has also named Dan Wallach, its current CFO, to executive VP strategic initiatives. A 20-year veteran of 84 Lumber, Wallach will oversee a newly created department, which will be responsible for analyzing and bringing to market new products and service initiatives.
Paul Lentz, the company controller, has been promoted to CFO. Lentz has 24 years of experience in the company’s accounting department.
Headquartered in Eighty Four, Pa., 84 Lumber is the industry’s largest independent LBM chain, with 282 stores and component manufacturing plants in 35 states. It ranked 5th on the HCN Top 350 Pro Dealer Scoreboard this year, with $1.35 billion in annual sales.