Whirlpool to Cut More Than 5,000 Jobs

[marmar]

(Bloomberg) Whirlpool Corp. (WHR), the world’s largest maker of household appliances, said it will cut more than 5,000 jobs and reduce capacity by six million units after lowering its earnings targets as consumers rein in spending.

The plan will result in a charge of $500 million, of which $160 million will be booked in 2011, Whirlpool said in a statement today. The company reported sales of $4.63 billion for the third quarter, less than the $4.70 billion estimated by analysts. Earnings this year will be in a range of $4.75 to $5.25 a share, down from a previous goal of $7.25 to $8.25.

“During the quarter, we experienced weaker than expected global industry demand and elevated material costs,” Chief Executive Officer Jeff M. Fettig said in the statement. “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.” .........(more)

The complete piece is at: http://www.bloomberg.com/news/2011-10-28/whirlpool-to-eliminate-5-000-jobs-lowers-forecast-as-charge-is-increased.html

[Octafish]

1. Soon, no one will be able to buy their stuff.

Especially the people they find to make it for $1 an hour.

[valerief]

3. They'll find people to make for $1 a day. Then they'll lower their prices.

But everyone will be dead by then. Killed from the elements and hunger. So then they'll invent robots to buy their stuff. You know, just to keep the economy running. That way they eliminate useless eaters.

[Aerows]

2. Weren't they threatening to do this not long ago

Because people were protesting in Michigan over the "Financial manager" who took over the city and ousted the elected officials?

So if people stopped protesting, well, we see that did a fat lot of good. They were planning on doing it anyway. Just goes to show that CEO's intimidate when they are already planning on doing something awful.

[rurallib]

4. 5000 American jobs no doubt. Watch them reappear overseas in a short while.

[Ichingcarpenter]

5. Loss of JOBs to the US and Germany

The german jobs are moving to Poland, the US jobs are gone.in the cut.
The Whirlpool jobs to be cut are mostly in North America and Europe. They include 1,200 salaried positions and the closing of the company's plant in Fort Smith, Ark.
The Fort Smith shutdown will affect 884 hourly workers and 90 salaried employees. An additional 800 workers were on layoff from the factory and on a recall list.
Whirlpool, based in Benton Harbor, Mich., will also relocate dishwasher production from Neunkirchen, Germany, to Poland in January 2012.







CEO Jeff M. Fettig he's also a Director of DOW chemical

Compensation for 2010

Salary $1,325,000.00
Bonus $0.00
Restricted stock awards $7,676,247.00
All other compensation $212,536.00
Option awards $ $0.00
Total Compensation $14,440,697.00

[AsahinaKimi]

6. Did anyone say it?

More jobs down the drain?

uM...JUST wondered..

:hide:

[dtexdem]

7. Down the drain with Whirlpool.

Ain't austerity great? ;-)