BENTON HARBOR, Mich. (AP) - Appliance maker Whirlpool Corp. says
it will cut 5,000 jobs in an effort as it faces soft demand and
higher costs for materials.
The jobs to be cut are mostly in North America and Europe.
They include 1,200 salaried positions and the closing of the company's
Fort Smith, Ark., plant.
The company expects the moves will save $400 million by the end
of 2013.
Whirlpool also says its third-quarter net income more than
doubled to $177 million, or $2.27 per share, from $79 million, or
$1.02 per share.
Adjusted earnings of $2.35 per share fell short of
analyst expectations for $2.75 per share.
The company, whose brands include Maytag and KitchenAid, has
been squeezed by higher costs for materials such as steel and
copper.