Briggs & Stratton Corporation Announces Payback of Lost Salaries to Its Workforce
15 Janeiro 2010 - 1:13PM
PR Newswire (US)
MILWAUKEE, Jan. 15 /PRNewswire-FirstCall/ -- Briggs & Stratton
announced today that it would reimburse salaried employees 75% of
wages lost during a temporary wage reduction from July 1 through
December 31, 2009. The company implemented a 10% pay reduction for
all of its domestic salaried employees in mid 2009 and also
suspended its 401(k) contributions during that time. "We had some
difficult decisions to make during the recession and our employees
really pulled together as a team to help the Company," said Todd
Teske, President and CEO. "While there is still a lot of
uncertainty with the economy, we are in a position to pay back our
employees for a portion of their lost salaries." On January 1,
2010, the Company also restored its employee's salaries as well as
the Company's 401(k) matching contributions. "We will see how the
upcoming spring selling season goes before we make a decision as to
whether or not we can repay the remaining 25%," said Teske. "We
will try very hard to make that happen." It should be noted that
only after all salaried employees are reimbursed 100%, will
officers and key executives become eligible for reimbursement. Todd
Teske began his newly appointed position as President & Chief
Executive Officer on January 1, 2010. "During this fiscal year, we
have had to make some difficult decisions. I really appreciated the
way our employees pulled together to not only help us through these
difficult times, but also make us a stronger enterprise for the
long-term. It is remarkable what people can do when they band
together. I am grateful for their hard work and pleased that we can
repay them now for at least some of the salary decreases from the
last six months." Briggs & Stratton Corporation, headquartered
in Milwaukee, Wisconsin, is the world's largest producer of
gasoline engines for outdoor power equipment. Its wholly owned
subsidiary Briggs & Stratton Power Products Group LLC is North
America's number one manufacturer of portable generators and
pressure washers, and is a leading designer, manufacturer and
marketer of lawn and garden and turf care through its Simplicity®,
Snapper®, Ferris® and Murray® brands. Briggs & Stratton
products are designed, manufactured, marketed and serviced in over
100 countries on six continents. DATASOURCE: Briggs & Stratton
Corporation CONTACT: Laura Timm of Briggs & Stratton
Corporation, +1-414-259-5333
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