LAKE FOREST, Ill. (AP) — Boat company Brunswick Corp. said that it is putting its Cabo and Hatteras brands up for sale.
The company said it wants to focus on its yacht business, which includes the remaining Sea Ray and Meridan Yachts brands.
Brunswick also said that it assumes the sale of the motoryacht and sportfishing lines would include both the physical plant and the workforce. The companies will continue to operate while it hunts for a buyer.
Brunswick purchased Hatteras Yachts in 2001 and CABO in 2006. Both are based in New Bern, N.C.
The company expects to record charges between $70 million to $80 million, largely in its fourth quarter, tied to this decision.
Shares of Lake Forest, Ill.-based Brunswick increased 36 cents to close at $31.51 and fell 14 cents in after-hours trading on the news.