MILWAUKEE, April 21, 2016 /PRNewswire/ -- Briggs & Stratton Corporation (NYSE: BGG):
At its regular quarterly meeting held today, the Board of Directors of Briggs & Stratton Corporation declared a quarterly dividend of thirteen and one half cents ($0.135) per share on the common stock of the Corporation. The dividend is payable June 30, 2016 to shareholders of record at the close of business June 17, 2016.
Also, at its regular quarterly meeting held today, the Board of Directors of Briggs & Stratton Corporation authorized $50 million in funds for use in the Company's stock repurchase program with an expiration of June 29, 2018. Briggs & Stratton will repurchase shares of common stock, using available cash, on the open market or in private transactions from time to time, depending on market conditions.
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."
BRIGGS & STRATTON CORPORATION
Mark A. Schwertfeger
Senior Vice President and Chief Financial Officer
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SOURCE Briggs & Stratton Corporation