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Whirlpool Cuts 5,000 Jobs

Whirlpool Corporation is cutting more than five thousand jobs from its workforce. WDET’s Jerome Vaughn has more. SOQ

The job cuts announced by the Michigan-based manufacturer account for about 10 percent of the company’s workforce in North America and Europe. Whirlpool will eliminate 18-hundred positions in Arkansas… when it closes its plant in Fort Smith. The moves are expected to save about 400 million dollars by the end of 2013.

The company says global demand for its products fell during the summer months…at the same time that costs for raw materials continued to rise.

Whirlpool posted earnings of 177 million dollars for the quarter ending September 30th. The company says its dramatically cutting its full-year earnings estimates.