MILWAUKEE (WTAQ) - The Milwaukee-based Briggs and Stratton says it will cut 690 U.S. jobs, and cut 77 more in the Czech Republic, due to a falling demand for its lawn and garden products.
Briggs said Thursday it would shut down a plant in Tennessee and the move the work to Georgia. And Briggs will close its plant in the Czech Republic and move the production to Kentucky.
A plant in Poplar Bluff Missouri will also reduce its capacity, just like it has done over the last year. But it does not expect major job changes at that site.
Briggs and Stratton CEO Todd Teske says the reductions are due to a, "significant and prolonged market decline unlike any other this industry has seen in decades."
Teske said the moves would align its production to the markets the company serves.
Wall Street reacted with a 9 percent drop in the value of Briggs' shares in Thursday morning's trading.