According to a statement released by Acushnet, the global economic contraction, credit crunch and weakened consumer confidence have taken their toll on nearly every industry, including golf. The demand for golf equipment has been significantly impacted by golfers reduced discretionary income, the company said, as well as the curtailment of corporate spending on golf, which has an adverse affect on Acushnets customers at the facility level. This contraction in golf equipment spending has necessitated a workforce reduction commensurate with the decline in sales and profits across all Acushnet Company brands.
“Given the global challenges our industry has faced in 2008 and to more appropriately position ourselves for the challenges ahead, it has become necessary to right-size our organization,” said Wally Uihlein, Chairman & CEO, Acushnet Company. “To this end, we have offered a generous voluntary separation opportunity to qualifying exempt associates that reward loyalty, contribution and tenure.”
The voluntary separation program marks the first of a two-phase workforce reduction program by Acushnet. The second phase is a non-voluntary workforce reduction inclusive of exempt and non-exempt associates that will be complete by the end of February 2009. The goal is to minimize the number of non-voluntary staff reductions that will be required.
“This workforce reduction is painful, yet essential, and will prepare us to meet the challenges ahead,” said Uihlein. “At the same time, these decisions have been made with compassion and concern for the well-being of our associates and their future, and to help us emerge as a stronger company.”
