Briggs & Stratton Ticks Higher On Share Buyback Announcement

Shares of Briggs & Stratton Corporation BGG, a producer of air cooled gasoline engines for outdoor power equipment, were trading higher by nearly 0.50 percent on Thursday after the company's Board of Directors announced a share buyback program. The company's Board of Directors authorized a $50 million share repurchase program which expires in June, 2018. The company will purchase its own stock using cash available on the open market or in private transactions. Todd Teske, Briggs & Stratton Chairman, President and Chief Executive Officer, said "The Board's actions today reflect continued confidence in our strategy, the long-term prospects of the business and our commitment to increase shareholder value. We continue to have a disciplined, balance approach to capital allocation which allows us to opportunistically repurchase common shares while maintaining the flexibility to make strategic investments in the business. We believe the business has significant upside potential as we continue to focus on innovation and margin expansion."