Invasive Pythons Squeezing Florida Everglades
October 29, 2011 by staff
Invasive Pythons Squeezing Florida Everglades, Appliance maker Whirlpool Corp. plans to cut 5,000 jobs, 10 percent of its workforce in North America and Europe, facing low demand and high costs of materials.
The world’s largest manufacturer of appliances also on Friday cut its 2011 profit forecast drastically and reported third-quarter results that missed expectations, hit by higher costs and a slowdown in emerging markets. The shares fell 12 percent in previous operations.
The company, whose brands include Maytag and KitchenAid, has been pressured by weak demand and the recession and rising costs of materials like steel and copper. Whirlpool has raised prices to combat rising costs, but demand for expensive items such as refrigerators and washing machines remains difficult. Whirlpool also faces pressure from discount competitors.
High costs and severe global economy are affecting the entire appliance industry. Swedish appliance maker Electrolux announced Wednesday that its third quarter net income fell 39 percent and cut its forecast for demand in North America and Europe by
Whirlpool to cut jobs are mostly in North America and Europe. They include 1,200 positions and closing wage Fort Smith, Arkansas, plant of the company.
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