Brunswick Corporation Restarts 2020 Share Repurchase Program

METTAWA, Ill., Sept. 08, 2020 (GLOBE NEWSWIRE) -- Brunswick Corporation (NYSE: BC) today announced the restart of its systematic share repurchase program. The share repurchase program had been suspended earlier this year due to the uncertainty related to the COVID-19 pandemic.  Prior to the suspension, the Company had completed roughly one-third of its $100 million target planned for the year.  This is in addition to the $400 million of share repurchases the Company completed in 2019. 

Today’s announcement to resume the Company’s share repurchase program is consistent with Brunswick’s long-term capital plan outlined at its February Investor Day event in Miami.   This comes just weeks after Brunswick announced the repayment of the remaining $85 million balance of its revolving line of credit, resulting in enhanced liquidity and financial flexibility.

“Entering September, we continue to see a very healthy marine market which is driving the strong cash flow performance of our business.   We believe that resuming this element of our capital plan offers a tremendous opportunity to drive and increase shareholder value,” said Ryan Gwillim, Brunswick Corporation Chief Financial Officer.   “This action, along with strategic investments in technology, capacity and growth initiatives, will strengthen our Company and position us for further success.”

About Brunswick

Headquartered in Mettawa, Ill., Brunswick Corporation’s leading consumer brands include Mercury Marine outboard engines; Mercury MerCruiser sterndrive and inboard packages; Mercury global parts and accessories including propellers and SmartCraft electronics; Power Products Integrated Solutions; MotorGuide trolling motors; Attwood, Garelick, and Whale marine parts; Land ’N’ Sea, BLA, Payne’s Marine, Kellogg Marine, and Lankhorst Taselaar marine parts distribution; Mercury and Quicksilver parts and oils; Bayliner, Boston Whaler, Crestliner, Cypress Cay, Harris, Lowe, Lund, Princecraft, Quicksilver, Rayglass, Sea Ray, Thunder Jet and Uttern boats; Boating Services Network, Freedom Boat Club, NAUTIC-ON. For more information, visit https://www.brunswick.com.