Titleist, Callaway cut workforce

As sales of golf equipment continue to slump, two of the industry’s largest equipment manufacturers have announced significant employee layoffs.
 
The Acushnet Co. laid off 169 employees in late April, according to the Providence Business News. Callaway Golf also laid off 185 workers in the first quarter, according to its most recently issued financial statement.
 
Acushnet cut about 11 percent of its 1,500 local employees in an effort to overcome declining sales and conserve cash.
 
The cutbacks, which will be gradual, will affect workers in New Bedford, Dartmouth and Fairhaven, Mass.  This is the fourth round of cuts for Acushnet since May 2008.
 
The Acushnet Co., a division of Fortune Brands and manufacturer of the Titleist, Cobra, Footjoy and Pinnacle brands, reported a 1.9 percent loss in operating income in 2008. Sales that year fell 2.6 percent, and the company closed 2008 with a three-month loss of $18.3 million.
 
For Callaway, the job cuts were generally across the board, but most were in the Carlsbad, Calif., operation. Officials blamed the layoffs on weaker sales of golf clubs and balls.
 
The company reported a first-quarter sales drop of 27.5 percent from the 2008 total.

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