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Hatteras and CABO are for sale

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Friday, 18 January 2013 17:08

Brunswick Corporation has announced that its board of directors authorized the Company to seek a buyer for its and 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, and .  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.

Brunswick purchased Hatteras Yachts in 2001 and CABO in 2006. Both are based in New Bern, N.C.