SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported) June 27, 2000
Brunswick Corporation
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
1-1043 36-0848180
(Commission File Number) (IRS Employer Identification No.)
1 North Field Court, Lake Forest, Illinois 60045-4811
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (847) 735-4700
(Former name or former address, if changed since last report.)
Item 5. Other Events
On June 27, 2000, the Company announced that George W. Buckley
had been elected chairman of the board and chief executive officer.
Mr. Buckley previously served as the Company's president and chief
operating officer and a director of the Company. He succeeds Peter
N. Larson who had served as chairman and chief executive officer
since 1995.
In addition, the Company announced its intention to divest its
bicycle, camping and fishing businesses and that it expects to
record charges related to discontinued operations of approximately
$190 million, after tax, in the second quarter. The $190 million in
charges will include losses from discontinued operations for the
current quarter and estimates of operating losses in future
quarters; asset write-downs; the write off of goodwill; severance
costs; legal, banking and audit fees; and other costs related to
the disposition of the businesses.
Sales from the businesses to be divested totaled $478 million
in 1999, or 11 percent of the $4.28 billion reported by the Company
last year. These include Mongoose and Roadmaster bicycles,
American Camper, and Zebco and Quantum fishing reels and reel-rod
combinations. The Company expects to report diluted earnings per
share from continuing operations of $0.97 for the second quarter of
2000, excluding management transition expenses, up from $0.83 per
diluted share in the second quarter a year ago.
Forward Looking Statements
Certain statements in this Form 8-K are forward looking as
defined in the Private Securities Litigation Reform Act of 1995.
These statements involve certain risks and uncertainties that may
cause actual results to differ materially from expectations as of
the date of this filing. These risks include, but are not limited
to, the ability to dispose of the bicycle, camping and fishing
businesses within the time, price and manner estimated; shifts in
market demand for the company's products; competitive pricing
pressures; inventory adjustments by major retailers; adverse
domestic or foreign economic conditions; adverse weather conditions
retarding sales of outdoor recreation products; and imports from
Asia and increased competition from Asian competitors.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
BRUNSWICK CORPORATION
DATE: June 30, 2000 By: /s/ Dustan E. McCoy
Name: Dustan E. McCoy
Title:Vice President, Secretary
and General Counsel
