Brunswick to Cut Up to 275 Jobs

Lake Forest, Ill. -- Boat maker Brunswick (BC Quote) said Tuesday it will cut up to 275 jobs by Friday and idle another 300 workers this quarter as it tries to cope with softening demand for its watercrafts.

The recreational boat industry has been squeezed as consumers curb discretionary spending due to the ongoing housing downturn, rising food costs, eroding credit and unemployment concerns.

Brunswick, which also makes exercise and bowling equipment, said the job cuts will occur throughout its Sea Ray manufacturing and product development plants as well as at Sea Ray's Knoxville, Tenn., headquarters. The company is also implementing at least one week of production furloughs at its Sea Ray plants in Tennessee and Florida to bring production rates down. The furloughs will take place each month through June and can be adjusted or canceled if demand picks up or inventory moves faster than expected.

In addition, Brunswick will halt work at its Riverview boat manufacturing plant near Knoxville, with production shifted to other facilities near Knoxville and Vonore, Tenn. Production on certain boat models will be transferred to plants in Florida and Mexico. ...