Brunswick Corp CEO announces 9% cut in workforce
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Job cuts at Brunswick Corporation’s marine business are expected to help reduce annual operating costs by an estimated $30m to $35m. The news follows the company’s sale of its Fitness Division in June of this year.
“These actions will reduce cost in our marine operations and are consistent with the right-sizing of our corporate functional support organisation announced last month,” said David Foulkes, CEO of the Illinois-based Corporation.
“Together these progammes will result in a reduction of approximately $50m in annual run-rate costs, due in large part to a nine per cent reduction in our global salaried workforce.”
The announcement includes the planned establishment of a leaner operating structure within Brunswick’s boat businesses, enabling the company to leverage synergies in certain areas.
Mercury Marine, Brunswick’s engine division, has taken actions across its global propulsion and P&A businesses to streamline operations while continuing to invest in additional capacity for high horsepower engines, new product development and advanced technologies.
“Actions affecting our colleagues and co-workers are never easy but are necessary for us to continue to invest in the future of our business,” said Foulkes.
Brunswick’s marine portfolio includes fishing boat brands Crestliner, Lund, Lowe, Thunder Jet and Princecraft.