DEMAND GROWS FOR BRIGGS & STRATTON'S NEW VANGUARD® COMMERCIAL BATTERY SYSTEM
Company enters into strategic supply agreement with industry leader in light electric vehicles;
Advanced Battery Manufacturing facility to start production in mid-2020
MILWAUKEE, WI (March 5, 2020) – Briggs & Stratton Corporation (NYSE: BGG) today announced a new strategic supply agreement with a large manufacturer of light electric vehicles to power a new line of lithium-ion vehicles with Briggs & Stratton's Vanguard Commercial Battery System, beginning in June.
Based on the Vanguard Commercial Battery System's proprietary design, Briggs & Stratton application engineers were able to efficiently develop a durable, customized battery solution that meets the vehicle's power and performance requirements in a cost-effective package. With this lithium-ion power, the new line of vehicles charges 2X faster than lead-acid batteries, is lighter weight and runs longer*, which means not only lower energy costs, but improved overall operational efficiency and a better user experience.
"Briggs & Stratton continues to collaborate with industry leaders and provide power solutions as a leader in power application. We're excited to add another premier customer and further expand the applications we power with the new Vanguard Commercial Battery System," said Dave Rodgers, Senior Vice President and President of Global Engines & Power at Briggs & Stratton Corporation.
This agreement follows Briggs & Stratton's announced agreement in October 2019 with ARGO to power its all-new Rover Xtreme Terrain electric unmanned ground vehicle, reinforcing market readiness and need - both within and outside of the lawn & garden industry - and validating the quality, durability and reliability of this Vanguard power innovation.
New Advanced Battery Manufacturing Facility Announced
As a result of rapidly increasing demand, Briggs & Stratton also announced it will open a new Advanced Battery Manufacturing facility in Tucker, GA. Initially, four production lines will be operational within the new 78,000 sq. ft. facility, which has capacity to accommodate future growth. Briggs & Stratton is currently recruiting for positions in the new location.
"This facility is in addition to the current production space located in Milwaukee, Wis., which going forward will serve as a developmental facility to support the influx of interested customers in a wide range of markets, including lawn & garden, military, construction, municipal and golf & leisure," noted Rodgers.
Briggs & Stratton launched its 48-volt Vanguard Commercial Battery System this past October as part of its overall business transformation that includes driving growth in commercial markets and introducing new enabling technologies including battery power solutions. According to Rodgers, "This is truly an exciting time at Briggs & Stratton as we expand the breadth of our growth opportunities and diversify our power solutions offerings and the customer segments we serve."
*Per the manufacturer.
Briggs & Stratton Corporation
About Briggs & Stratton Corporation:
Briggs & Stratton Corporation (NYSE: BGG), headquartered in Milwaukee, Wisconsin, is focused on providing power to get work done and make people's lives better. Briggs & Stratton is the world’s largest producer of gasoline engines for outdoor power equipment, and is a leading designer, manufacturer and marketer of power generation, pressure washers, lawn and garden, turf care and job site products through its Briggs & Stratton®, Simplicity®, Snapper®, Ferris®, Vanguard®, Allmand™, Billy Goat®, Murray®, Branco® and Victa® brands. Briggs & Stratton products are designed, manufactured, marketed and serviced in over 100 countries on six continents. For additional information, please visit www.basco.com and www.briggsandstratton.com.
Safe Harbor Statement:
This release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. The words "anticipate", "believe", "estimate", "expect", "forecast", "intend", "plan", "project", and similar expressions are intended to identify forward-looking statements. The forward-looking statements are based on the company's current views and assumptions and involve risks and uncertainties that include, among other things, the ability to successfully forecast demand for its products; changes in interest rates and foreign exchange rates; the effects of weather on the purchasing patterns of consumers and original equipment manufacturers (OEMs); actions of engine manufacturers and OEMs with whom the company competes; changes in laws and regulations, including U.S. tax reform, changes in tax rates, laws and regulations as well as related guidance; imposition of new, or change in existing, duties, tariffs and trade agreements; changes in customer and OEM demand; changes in prices of raw materials and parts that the company purchases; changes in domestic and foreign economic conditions (including effects from the U.K.'s decision to exit the European Union); the ability to bring new productive capacity on line efficiently and with good quality; outcomes of legal proceedings and claims; the ability to realize anticipated savings from the business optimization program and restructuring actions; and other factors disclosed from time to time in the company's SEC filings or otherwise, including the factors discussed in Item 1A, Risk Factors, of the company's Annual Report on Form 10-K and in its periodic reports on Form 10-Q. The company undertakes no obligation to update forward-looking statements made in this release to reflect events or circumstances after the date of this release.