Brunswick Corporation BC announced
today that its board of directors has authorized the Company to seek a buyer
for its Hatteras and CABO brands of motoryachts and sportfishing convertibles.
"This action reflects our decision to exit the sportfishing convertible
category and to concentrate our resources in the yacht segment on our
remaining brands, Sea Ray and Meridian Yachts. When completed, this action
will also contribute to our goal of a break-even or better Boat Segment in
2013, even if the larger sterndrive/inboard fiberglass markets do not
improve," said Brunswick Chairman and Chief Executive Officer Dustan E. McCoy.
"The current plan assumes that the eventual purchaser will retain both the
physical plant and the talented workforce of Hatteras/CABO. During the sale
process, which we seek to complete in an expeditious manner, Hatteras and CABO
will maintain ongoing operations, and we will keep our employees and dealer
network informed of our progress."
As a result of this decision, the Company expects to record charges in the
range of $70 million to $80 million, a majority of which will be recorded in
the fourth quarter of 2012.
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