Husqvarna Group and Briggs & Stratton have reached a settlement to resolve engine supply in 2022
Husqvarna Group and Briggs & Stratton have settled their engine supply dispute, ensuring the provision of engines for ride-on mowers before the 2022 season. The agreement includes a modified supply relationship extending into 2023. This resolution alleviates potential financial impacts previously anticipated by Husqvarna due to engine shortages. Glen Instone, Acting President and CFO, expressed satisfaction with the outcome, emphasizing secured product availability for customers.
- Settlement with Briggs & Stratton secures engine supply for 2022, preventing financial impact from shortages.
- Modified supply relationship extends into 2023, ensuring continued product availability.
- None.
STOCKHOLM, Nov. 11, 2021 /PRNewswire/ -- Husqvarna Group and Briggs & Stratton, LLC (B&S) have reached a settlement with regards to the supply of engines for ride-on mowers. Under the terms of the settlement, B&S will provide the majority of the engines needed ahead of the 2022 season. Additionally, the parties have agreed to maintain a modified supply relationship into the 2023 season.
Husqvarna Group previously communicated a potential negative financial impact in 2022 as a result of a lack of engine supply. The settlement means that the lawsuit against B&S is withdrawn, and that Husqvarna Group no longer anticipates a material financial impact from this issue.
"We have achieved a satisfactory outcome that allows us to secure products for our customers in 2022," says Glen Instone, Acting President Husqvarna Division and CFO Husqvarna Group.
For more information, please contact
Investors: Johan Andersson, Vice President Investor Relations, +46 702 100 451 or ir@husqvarnagroup.com
Media: Daniel Frykholm, Husqvarna Group Press department, +46 8 738 9080 or press@husqvarnagroup.com
This press release contains insider information that Husqvarna AB is required to disclose under the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the contact person set out above, at 22.00 CET on November 11, 2021.
Husqvarna Group
Husqvarna Group is a global leading producer of outdoor power products and innovative solutions for forest, park and garden care. Products include chainsaws, trimmers, robotic lawn mowers and ride-on lawn mowers. The Group is also the European leader in garden watering products and a global leader in cutting equipment and diamond tools for the construction and stone industries. The Group's products and solutions are sold under brands including Husqvarna, Gardena, McCulloch, Flymo, Zenoah and Diamant Boart via dealers and retailers to consumers and professionals in more than 100 countries. Net sales in 2020 amounted to SEK 42bn and the Group has around 13,000 employees in 40 countries.
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SOURCE Husqvarna AB
FAQ
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