Whirlpool Corp., the world's leading maker of household appliances, announced Friday it would cut more than 5,000 jobs to reduce costs.
Whirlpool's net earnings in the third quarter were 177 million U.S. dollars, up from 79 million dollars during the same period last year, the company reported, adding third-quarter diluted earnings per share (EPS) increased to 2.27 dollars.
Given the weakening global economic environment, however, the company announced it would implement cost and capacity reduction plans, including a workforce reduction of over 5,000 positions, mainly within North America and Europe.
In addition, Whirlpool will reduce overall capacity by about 6 million units.
These actions were expected to result in 400 million dollars in annual cost savings by the end of 2013, the company said.
Whirlpool also projected the EPS for the full year of 2011 would be in the range of 4.75 dollars to 5.25 dollars due to weaker-than-expected industry demand, lower production levels and a weak economic environment.
Whirlpool's net earnings in the third quarter were 177 million U.S. dollars, up from 79 million dollars during the same period last year, the company reported, adding third-quarter diluted earnings per share (EPS) increased to 2.27 dollars.
Given the weakening global economic environment, however, the company announced it would implement cost and capacity reduction plans, including a workforce reduction of over 5,000 positions, mainly within North America and Europe.
In addition, Whirlpool will reduce overall capacity by about 6 million units.
These actions were expected to result in 400 million dollars in annual cost savings by the end of 2013, the company said.
Whirlpool also projected the EPS for the full year of 2011 would be in the range of 4.75 dollars to 5.25 dollars due to weaker-than-expected industry demand, lower production levels and a weak economic environment.
