Appliance Maker Electrolux’s CEO Cuts Jobs as Demand Stays Weak
- New job cuts to affect an additional 6.5% of employees
- Shares fall almost 14% after third-quarter earnings miss
The production line at the Electrolux AB plant in Poland.
Photographer: Bartek Sadowski/BloombergThis article is for subscribers only.
Household appliance maker Electrolux AB is expanding cost cuts with a plan to slash an additional 6.5% of its workforce as price pressure keeps consumers from shelling out on new domestic devices.
Electrolux will reduce headcount by an additional 3,000 from a total of about 46,000, the company said on Friday. That’s on top of as many as 4,000 cuts, announced in October last year, which are about 95% completed, Chief Executive Officer Jonas Samuelson said in a phone interview.