Saturday, October 29, 2011

Whirlpool to cut 5,000 jobs to reduce costs

Whirlpool, the world's biggest appliances manufacturer, said on Friday it will cut 5,000 jobs, about 10% of its workforce, amid slowing sales and rising material prices. Whirlpool slashed its profit forecast for the year and said it will close two factories and eliminate 5,000 jobs, or 7% of its work force. Electrolux also will cut its production capacity, noting North American demand is 30% below its expectations. The company's third-quarter earnings more than doubled, but its chairman and chief executive, Jeff Fettig, cut the full-year earnings forecast, blaming weaker global demand.More Here..

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