Brunswick Corporation slashed its quarterly dividend on common stock to 5 cents per share to shareholders of record on Nov. 24, 2008.
“Given the unprecedented downturn in the marine industry, we believe reducing the dividend is consistent with our objective of conserving cash and maintaining a healthy balance sheet during these uncertain times,” explained Brunswick Chairman and Chief Executive Officer Dustan E. McCoy.
“As previously announced, Brunswick has been following through on a number of measures to reduce expenses and resize the company to compete in a challenging global marine market,” McCoy added. “In the past two years, we have closed 12 North American boat plants; continually reduced production rates throughout our marine businesses, including extended production furloughs; divested under-utilized assets; exited or divested certain businesses; and reduced headcount in our marine businesses and corporate staff in the United States during 2008 alone by some 5,300 positions, or 35 percent of that hourly and salaried work force.”
“Our actions have been deliberate and appropriate to events and changes in the marketplace. We will continue to monitor developments closely and react swiftly and aggressively to market conditions. We believe these actions are in the best interest of the company and its shareholders and will better position us to benefit when the markets improve,” McCoy concluded.
