Whirlpool to Cut 5,000 Jobs, Says Profit Fell as Costs Gained By Carol Wolf
Oct. 28 (Bloomberg) -- Whirlpool Corp., the world's largest appliance maker, said it would cut 5,000 jobs by the end of next year to cut costs. Separately, net income fell to $163 million, or $2.15 a share, from $175 million, or $2.20, a year earlier, the Benton Harbor, Michigan- based maker of washing machines and dishwashers said today in a statement distributed by PR Newswire. In July, the company raised its 2008 forecast for the increase in the cost of steel, copper and other raw materials used to make appliances to as much as $650 million. Customers also deferred purchases as U.S. consumer confidence fell by the most on record in September. Whirlpool added 87 cents, or 1.8 percent, to $50.03 in New York Stock Exchange composite trading yesterday. Before today, the shares dropped 39 percent this year. To contact the reporter on this story: Carol Wolf in Cleveland at [EMAIL PROTECTED] Last Updated: October 28, 2008 06:08 EDT --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
