Another Aussie icon sold overseas.
Aussie icon Victa sold to US | NEWS.com.au Business
AUSTRALIAN icon Victa has been sold to US-based Briggs Stratton for about $23 million.
Victa has been the leading Australasian manufacturer and marketer of lawnmowers since 1952.
Its owner GUD, which also owns the Sunbeam electrical appliance brand, said Victa had sold more than seven million lawnmowers in its 66-year history.
Briggs Stratton had been a long-standing supplier of four-stroke engines to Victa.
"The business has withstood the challenge posed by the emergence of Chinese small engine manufacturers moving downstream into lawnmowers,'' GUD chief executive Ian Campbell said.
"Under Briggs Stratton ownership, Victa should remain competitive over the long-term and sustain its profitability.
Mr Campbell said Victa had been restructured over the last two years and was benefiting from lower cost components.
Earlier Aussie sell-offs incude:
Vegemite - sold to Kraft (US) in 1926
Aeroplane Jelly - sold to McCormick Foods Australia (US) in 1995
Arnott's - sold to Campbell Soup Co. (US) in 1997
Myer - sold to Newbridge Capital in 2006
Tooheys - sold to Kirin (Japan)
OPSM - sold to Luxottica (Italy) in 2003
Sorbent - sold to Carter Holt Harvey (NZ) in 1995
Aussie icon Victa sold to US | NEWS.com.au Business
AUSTRALIAN icon Victa has been sold to US-based Briggs Stratton for about $23 million.
Victa has been the leading Australasian manufacturer and marketer of lawnmowers since 1952.
Its owner GUD, which also owns the Sunbeam electrical appliance brand, said Victa had sold more than seven million lawnmowers in its 66-year history.
Briggs Stratton had been a long-standing supplier of four-stroke engines to Victa.
"The business has withstood the challenge posed by the emergence of Chinese small engine manufacturers moving downstream into lawnmowers,'' GUD chief executive Ian Campbell said.
"Under Briggs Stratton ownership, Victa should remain competitive over the long-term and sustain its profitability.
Mr Campbell said Victa had been restructured over the last two years and was benefiting from lower cost components.
Earlier Aussie sell-offs incude:
Vegemite - sold to Kraft (US) in 1926
Aeroplane Jelly - sold to McCormick Foods Australia (US) in 1995
Arnott's - sold to Campbell Soup Co. (US) in 1997
Myer - sold to Newbridge Capital in 2006
Tooheys - sold to Kirin (Japan)
OPSM - sold to Luxottica (Italy) in 2003
Sorbent - sold to Carter Holt Harvey (NZ) in 1995
