Briggs and Stratton Buys Murray

***Cos*** · 01-29-2005, 05:47 PM

Lawn equipment maker to sell company to Briggs & Stratton

By CHRIS JONES
The Associated Press
Jan 22 2005

BRENTWOOD - Lawn care equipment manufacturer Murray Inc. agreed to sell much of its operation to Briggs & Stratton Corp. as part of bankruptcy court proceedings, although the deal does not require the continuation of Tennessee operations.

Murray officials said the Brentwood-based company filed an agreement with the bankruptcy court, which needs approval from a judge, that would sell assets for $125 million.

Murray spokesman Tom Adkinson said the effective purchase date would be sometime between early February and mid-March.

The agreement is expected to extend operations of Murray's production plant in Lawrenceburg and some corporate functions in the Brentwood headquarters for up to 18 months.

Briggs & Stratton also acquires the Murray name, manufacturing equipment, tooling, patents, trademarks and other assets related to the manufacture and sales of lawn, garden and snow products. It would not acquire Murray's real estate or employees.

Briggs & Stratton has indicated it would relocate some products and product lines to other manufacturing facilities using the acquired assets of Murray. Employee reductions would occur as production needs change, the company said.

Officials said they had hoped to find a buyer that would invest in Murray and allow it to grow. But the deal struck with Briggs & Stratton should prolong Murray long enough to allow employees an opportunity to plan for a future outside of Murray, the company said in a release.

Murray's creditors and lenders will get a chance to review the agreement for comment in the upcoming week, and a sale hearing will be conducted Jan. 31.

Murray had been hurt by rising costs, product recalls, restricted access to credit and a financial crisis involving its biggest investor, D'Long International Strategic Investment Co.

The Tennessean reported Friday that there are 30,000 creditors in the case, and several have filed objections to sale because of the lump sum payments Murray will have to make to other companies. They include Briggs & Stratton, owed $39.3 million, and Nashville-based Steel Coils of Tennessee Inc., owed $3.8 million. Murray employs about 1,700 people in the United States and Canada, and through its United Kingdom sister company, Hayter Ltd., which is being sold in a separate deal.

http://miva.jacksonsun.com/miva/cgi-...00501226876924

Matty Mallard · 01-29-2005, 06:12 PM

Murray is crap equipment, so them going bankrupt don't surprise me.

01-29-2005, 05:47 PM	#1
*Cos* Lawn Cafe Manager Join Date: Dec 2003 Location: South East PA Age: 36 iTrader: (1) Posts: 7,195	Briggs and Stratton Buys Murray Lawn equipment maker to sell company to Briggs & Stratton By CHRIS JONES The Associated Press Jan 22 2005 BRENTWOOD - Lawn care equipment manufacturer Murray Inc. agreed to sell much of its operation to Briggs & Stratton Corp. as part of bankruptcy court proceedings, although the deal does not require the continuation of Tennessee operations. Murray officials said the Brentwood-based company filed an agreement with the bankruptcy court, which needs approval from a judge, that would sell assets for $125 million. Murray spokesman Tom Adkinson said the effective purchase date would be sometime between early February and mid-March. The agreement is expected to extend operations of Murray's production plant in Lawrenceburg and some corporate functions in the Brentwood headquarters for up to 18 months. Briggs & Stratton also acquires the Murray name, manufacturing equipment, tooling, patents, trademarks and other assets related to the manufacture and sales of lawn, garden and snow products. It would not acquire Murray's real estate or employees. Briggs & Stratton has indicated it would relocate some products and product lines to other manufacturing facilities using the acquired assets of Murray. Employee reductions would occur as production needs change, the company said. Officials said they had hoped to find a buyer that would invest in Murray and allow it to grow. But the deal struck with Briggs & Stratton should prolong Murray long enough to allow employees an opportunity to plan for a future outside of Murray, the company said in a release. Murray's creditors and lenders will get a chance to review the agreement for comment in the upcoming week, and a sale hearing will be conducted Jan. 31. Murray had been hurt by rising costs, product recalls, restricted access to credit and a financial crisis involving its biggest investor, D'Long International Strategic Investment Co. The Tennessean reported Friday that there are 30,000 creditors in the case, and several have filed objections to sale because of the lump sum payments Murray will have to make to other companies. They include Briggs & Stratton, owed $39.3 million, and Nashville-based Steel Coils of Tennessee Inc., owed $3.8 million. Murray employs about 1,700 people in the United States and Canada, and through its United Kingdom sister company, Hayter Ltd., which is being sold in a separate deal. http://miva.jacksonsun.com/miva/cgi-...00501226876924 __________________ Lemonade never tasted so good this time of year!

01-29-2005, 06:12 PM	#2
Matty Mallard The Legend Join Date: Apr 2004 Location: Albany NY Age: 25 iTrader: (1) Posts: 10,511	Murray is crap equipment, so them going bankrupt don't surprise me. __________________ "The only way to be safe is to never be secure.- Benjamin Franklin"