Jan 3 Recreational boat maker Brunswick Corp said it is seeking buyers for its sportfishing convertible yacht brands Hatteras and Cabo, and that it laid off about 105 workers at its New Bern facility in North Carolina.
The facility had about 545 employees as of November.
Brunswick bought Hatteras for $80 million in 2001 and CABO for $60 million in 2006.
"The current plan assumes that the eventual purchaser will retain both the physical plant and the workforce of Hatteras/Cabo," Chief Executive Dustan McCoy said.
Hatteras builds luxury motoryachts and sportfishing convertible yachts.
The boat maker suffered a slide in earnings as consumers turned away from splashing money on luxurious items like boats after the recession, and was forced to restructure its operations.
The lay off will affect 75 full-time and about 30 temporary workers and help Brunswick "better adjust to market conditions," spokesperson Dan Kuberan told Reuters.
The New Bern plant makes both Hatteras and Cabo Yachts.
The company said it expects to record charges of between $70 million and $80 million in relation to the changes announced today, a major part of which will be recorded in the fourth quarter ended December.
Brunswick shares were marginally down at $31.37 in trading after the bell. They closed at $31.51 on the New York Stock Exchange on Thursday.