Mercury Marine is next.
Brunswick plans to close its boat [Bayliner] manufacturing plant in Pipestone, Minn., as part of a broad cost-cutting effort that will trim more than 1,400 jobs altogether.
...Brunswick, which announced the plans Thursday, also plans to close boat-making facilities in Roseburg, Ore. and Arlington, Wash., and to mothball a plant in Navassa, N.C.
Oh--yeah--there's more.
Standard & Poor's Ratings Services on Friday lowered Brunswick Corp.'s long-term ratings, including its corporate credit rating and senior unsecured debt rating to BB- from BB+. The ratings were also placed on CreditWatch with negative implications, indicating the possibility of a further downgrade in the near term.
Why?
Because nobody can get credit with which to purchase boats. That's the immediate cause. Longer-term cause is a cyclical decline in the recreational boating-sales curve.
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