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Whirlpool to Cut More Than 5,000 Jobs [View All]

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marmar Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-28-11 08:45 AM
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Whirlpool to Cut More Than 5,000 Jobs
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(Bloomberg) Whirlpool Corp. (WHR), the worlds largest maker of household appliances, said it will cut more than 5,000 jobs and reduce capacity by six million units after lowering its earnings targets as consumers rein in spending.

The plan will result in a charge of $500 million, of which $160 million will be booked in 2011, Whirlpool said in a statement today. The company reported sales of $4.63 billion for the third quarter, less than the $4.70 billion estimated by analysts. Earnings this year will be in a range of $4.75 to $5.25 a share, down from a previous goal of $7.25 to $8.25.

During the quarter, we experienced weaker than expected global industry demand and elevated material costs, Chief Executive Officer Jeff M. Fettig said in the statement. Our results were negatively impacted by recessionary demand levels in developed countries, a slowdown in emerging markets and high levels of inflation in material costs. .........(more)

The complete piece is at: http://www.bloomberg.com/news/2011-10-28/whirlpool-to-e...



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