Whirlpool Corporation announced it will reduce its workforce by 5,000 positions today. The company says it is experiencing weaker than expected demand combined with increased material costs.
Jeff M. Fettig, Whirlpool Corporation chairman and chief executive officer, says, "During the quarter, we experienced weaker than expected global industry demand and elevated material costs. Consumers continue to show strong reference for our unmatched global brand portfolio and new product innovations, and we are beginning to see the benefits from previously announced price increases. However, 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."
The company's cost and capacity reduction plans include a workforce reduction of more than 5,000 positions primarily within North America and Europe (approximately a 10 percent workforce reduction in those regions). These plans include the reduction of approximately 1,200 salaried positions. The company will also close its refrigeration manufacturing facility in Fort Smith, Ark. by mid-2012.
Whirlpool Corporation announced it will reduce its workforce by 5,000 positions today. The company says it is experiencing weaker than expected demand combined with increased material costs.
