CHICAGO – Beleaguered boatmaker Brunswick Corp. said Thursday it will cut 1,400 more jobs as the company shuts four plants and furloughs workers at three more.
The announcement, which sent the manufacturer’s stock to a more than 15-year low – comes four months after the suburban Chicago company said it would eliminate 1,000 jobs because of the falling demand for recreational boats amid a poor economic environment. On Thursday, Brunswick executives said worsening financial conditions, including rising oil prices and frozen credit markets, were behind the latest round of cuts.
“We are living and working in the most turbulent economic times in recent history,” Brunswick Chairman and Chief Executive Officer Dustan E. McCoy said in a statement. “The poor economy and the accompanying weak consumer sentiment have pressured marine markets, eroding the demand for boats and engines these past few months at a swifter pace than originally anticipated.”
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