Brunswick initiates cost reduction measures, to eliminate over 100 jobs
Following the completion of the Fitness business sale to KPS Capital Partners, LP, Brunswick Corporation announced that it has initiated a range of measures to streamline its cost structure to support sustained earnings growth and provide continued headroom to fund important product, digital, and growth-oriented business initiatives. Today's announcement focuses primarily on completed near-term rightsizing of corporate and enterprise support functions consistent with Brunswick's new marine-only focus. Details of an additional and more comprehensive set of initiatives will be included in the materials for Brunswick's second-quarter earnings call scheduled for July 25, 2019. The completed actions announced today will lower costs on a run-rate basis by approximately $17M will begin to provide cost benefits in the second half of 2019. These actions include the elimination of over 100 positions in general and administrative functional support, and the consolidation of two Chicago area office facilities. In connection with these activities, Brunswick expects to record restructuring charges of approximately $6M in 2019; with about one half recorded in the second quarter.