UPDATE 3-Brunswick slashes outlook, work force

* Boat maker withdraws full-year guidance

* Closes three plants, fires another 1,450 workers

* Idles three other plants, mothballs fourth

* Says debt covenants may come 'under stress' (Adds details on plunging industry sales, debt covenant concerns, additional background, analyst comment and byline)

By James B. Kelleher

CHICAGO, Oct 9 (Reuters) - Brunswick Corp (BC.N) withdrew its full-year profit outlook on Thursday and said it would speed up closing plants already set to be shut, looking to slash costs as the turmoil in global markets torpedoes the recreational boating industry's already sinking sales.

The company, the world's largest maker of pleasure boats and marine engines, also said it would temporarily suspend production at three other boat plants to deal with the "extraordinary developments within the global financial markets that are affecting the recreational marine market."

Brunswick, whose shares fell as much as 25 percent during the trading session, also said agreements with some lenders were likely to come "under stress "in the coming months.

In a call to discuss the latest round of plant closures, layoffs and restructuring charges, Dusty McCoy, Brunswick's chair and chief executive, said industry sales of aluminum and fiberglass boats had tumbled more than 40 percent in July and August and warned that early signs suggested September was even worse.

"They've gone from having to manage their business to a down 15 percent scenario, to managing their business to a down 25 percent scenario, to now managing their business to a down 40 to 50 percent scenario on a global basis," said Hayley Wolff, an analyst at Rochdale Securities.

"It's very hard for them to get a grip here. So now it's an issue of balance sheet management. They've got to manage their cash as tight as they can."

Brunswick, which makes Hatteras and Sea Ray yachts as well as three dozen of other boat brands, said the plant closures announced Thursday, will result in the firing of 1,450 hourly and salaried workers.

The company said the cuts would reduce fixed costs by $300 million but require it to book pretax restructuring charges of between $200 million and $220 million pretax -- $180 million of that in 2008.

The company also warned it would take $496 million in pretax charges in the third quarter to reflect impairment of goodwill and certain trade names.

"We are living and working in the most turbulent economic times in recent history," 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."