Brunswick

Brunswick Corp.’s boat group consists of 15 brands worldwide, including Bayliner, Boston Whaler, Brunswick Commercial and Government Products, Crestliner, Cypress Cay, Harris FloteBote, Lowe, Lund, Meridian, Princecraft and Sea Ray. The group’s additional four brands — Rayglass, Uttern, Valiant and Quicksilver — are marketed in countries other than the United States.

Brunswick stock tumbles after downgrade

Moody’s Investors Service downgraded the rating on Brunswick Corp.’s debt to junk status, sending the company’s stock down about 22 percent yesterday. The investment firm downgraded Brunswick’s unsecured notes to Ba3 from Baa3 and downgraded its commercial paper rating to not prime from P3. Moody’s also assigned a Ba2 corporate family rating and a Ba2…more

Brunswick fallout, economic news impacting marine industry

At least one investment analyst this morning downgraded Brunswick Corp.’s stock after executives announced plans yesterday afternoon to accelerate the boatbuilder’s downsizing efforts. Brunswick stock lost nearly $2 a share in afternoon trading yesterday before closing at $8.12, down from a 52-week high of $24.18. It opened this morning at $7.63. Wachovia Capital Markets revised…more

Brunswick speeds up downsizing, reduction efforts

Brunswick Corp. today announced it will accelerate its previously stated efforts to resize the company and remove $300 million in fixed costs by the end of 2009. The company says it is taking the action in light of “extraordinary developments” within the global financial markets that are affecting the recreational marine industry. “We are living…more

Brunswick releasing 3Q results in three weeks

Brunswick Corp. will release its third quarter 2008 financial results Oct. 23, before the market opens. The Lake Forest, Ill.-based company also will hold a conference call at 11 a.m. (EDT) that day. The call will be hosted by Dustan E. McCoy, chairman and CEO; Peter B. Hamilton, senior vice president and CFO; and Kathryn…more

Cabo Yachts cuts 45 jobs

Cabo Yachts has laid off 45 more employees to cope with a slumping marine industry, shrinking the builder’s workforce from nearly 350 to 220 positions since May, Brunswick spokesman Dan Kubera told the Victorville (Calif.) Daily Press. Cabo is not the only Brunswick manufacturer cutting costs. Kubera said Brunswick, which employs more than 25,000 people…more

Brunswick awards employee scholarships

Brunswick Corp. and the Brunswick Foundation recently awarded $56,000 in scholarships to assist with college tuition fees for 28 sons and daughters of dealer employees who participate in Brunswick Dealer Advantage. The number of awards increased from last year to accommodate the expansion of the Brunswick Dealer Advantage program, which qualifies marine dealers in the…more

Brunswick initiates Latin America financing

GE Capital Solutions of Hoffman Estates, Ill., and Brunswick Corp. of Lake Forest, Ill., are expanding their inventory finance program into Latin America. “For more than a decade, GE Capital Solutions has provided inventory financing solutions in Latin America in industries including electronics, technology and appliances,” said Thomas Grathwohl, managing director for GE Commercial Distribution…more

Brunswick downplays lower credit rating

Brunswick issued a statement Tuesday saying Standard & Poor’s Ratings Service’s decision to lower the company’s long-term corporate credit rating to “BB+” from “BBB-“ will not have “any significant effect.” “Both our strong balance sheet and ability to generate cash provide us with substantial liquidity and serve us well in economic circumstances such as those…more

Brunswick to release 2Q earnings

Brunswick will hold a conference call at 11 a.m. EDT July 24 to discuss its second-quarter financial results, which will be released before the market opens. Meanwhile, analysts from Wachovia Capital Markets reduced their earnings estimates for Brunswick for 2008 and 2009. Wachovia now expects Brunswick to report a loss of 73 cents a share…more

Analyst optimistic about Brunswick’s restructuring

Some investment analysts are praising Brunswick Corp.’s recent announcement to drastically cut back production over the next year and a half. “This plan should enable the company to be profitable, even in a very difficult environment,” said Ed Aaron, director of equity research for RBC Capital Markets, in a report following Brunswick’s announcement Thursday that…more

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