Milwaukee, Wis. (PRNewswire) -- Briggs & Stratton Corp. has signed a letter of intent to acquire Generac Portable Products, Inc. of Jefferson, Wis., for $55 million in cash. Total consideration at closing, which will include an anticipated $215 million of outstanding debt, is expected to be $270 million. The letter of intent also includes an earnout provision based on future earnings through June 2002.

Generac Portable Products, a designer, manufacturer and marketer of generators and pressure washers, had net sales of $90 million for the six months ended December 31, 2000 and anticipates net sales of approximately $250 million for the twelve months ending July 1, 2001.

Generac Portable Products is the first acquisition by Briggs & Stratton where the acquired company is the manufacturer of a consumer product.

Briggs & Stratton Corporation produces air-cooled gasoline engines for outdoor power equipment, included truck mounts. The company designs, manufactures, markets and services these products for original equipment manufacturers worldwide.