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Electrolux axes over 3,000 jobs

Published: 16 December 2008
Domestic appliance supplier reduces employee numbers after ‘sharp decline in demand’ means the company won’t reach full year target for 2008.
Electrolux axes over 3,000 jobs
Electrolux will cut more than 3,000 jobs globally in a cost saving exercise. The Swedish company has blamed weakening demand for appliances in Europe and North America for the move, stating that 'the weak market has had a negative impact on Electrolux sales volumes and product mix during the fourth quarter".

Electrolux posted an operating profit SEK2.7bn (£226m) and added that, as a consequence, it was no longer possible to achieve its 2008 target of between SEK 3.3-3.9bn.

A statement from the company read: "Measures have been launched to reduce the number of employees by more than 3,000 I the fourth quarter of 2008 and continue in 2009. All operations on a global basis are affected...The savings are expected to amount to approximately SEK 1.1bn on a yearly basis, with full effect as of 2010."

Electrolux will also move its production capacity to 'low-cost countries' in accordance with its restructuring plan, launched in 2004. This will result in a further reduction of its workforce.


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