Friday, Briggs & Stratton Corp. (BGG) said 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, who took charge as president and chief executive officer on January 1, 2010. "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," added Teske.
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." The company added that only after all salaried employees are reimbursed 100%, will officers and key executives become eligible for reimbursement.
Milwaukee, Wisconsin-headquartered Briggs & Stratton is a producer of gasoline engines for outdoor power equipment.
BGG is currently trading at $17.76, down $0.45 or 2.47%, on a volume of 236 thousand shares on the New York Stock Exchange.
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