Brunswick Corp. said it would reduce operating costs of its marine business by an estimated $30 to $35 million by eliminating 300 corporate positions – some filled and others unfilled – across all the businesses.
This story by Reagan Haynes originally appeared in Trade Only Today.
The announcement comes after Brunswick said last month it was eliminating 100 salaried positions following the sale of its fitness business.
The recent announcement, as well as the earlier streamlining of corporate staff functions announced in June, affects salaried positions only, Brunswick spokesman Lee Gordon confirmed to Trade Only Today.
Together, those two reductions account for about 9 percent of global salaried workforce, or about 400 positions.
“These actions will reduce cost in our marine operations and are consistent with the right-sizing of our corporate functional support organization announced last month,” said Brunswick CEO David Foulkes in a statement. “Together, these enterprise-wide programs will result in a reduction of approximately $50 million in annual run-rate costs, due in large part to a nine percent reduction in our global salaried workforce.”
These actions are designed to ensure that Brunswick is able to continue to aggressively invest in business transformation and growth initiatives across a broad range of potential economic and marine market scenarios,” said Foulkes.
The reductions will occur at Mercury Marine, as well as at boat group locations all over, said Gordon.
Brunswick, the parent company of Land ’N’ Sea distributors, operates 14 boat brands globally, including Sea Ray, Boston Whaler, Bayliner, Lowe, Harris, Lund, Crestliner and Cypress Cay.