Steve Andrews, the new President and CEO of Briggs & Stratton, has described the bankruptcy and acquisition of the company by KPS Capital Partners as a ‘new beginning’.
Having been in his new role for a month, Andrews said, “Many of the external challenges that seemed to hit the company all at once are starting to stabilise.”
Andrews’ previous industry experience includes serving as CEO of International Equipment Solutions (IES) and President of Pettibone.
He added, “Weather is in our favour. The stay-at-home environment has positively impacted our business… and we’re now a well-capitalised company, unencumbered by past liabilities, so we can focus on growth.
“In the first three months of our fiscal year, nearly all parts of our business globally are performing stronger than last year. In fact, this is a better start than we’ve seen in a number of years.”
Commenting on the US-based engine and equipment manufacturer’s move into electrification technology, he said, “I’m really impressed with our Vanguard Lithium-Ion Commercial Battery System. It’s an example of using our power application expertise to quickly expand into new markets with an innovation that remains unmatched – and has exponential growth potential.”
He added that innovation and new products would be a key focus going forwards.