Posted on 10/28/2011 12:03:37 PM PDT by Patton@Bastogne
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Citing soft demand in the weakening global economy, Whirlpool Corp. on Oct. 28 announced it would slash more than 5,000 jobs in North America and Europe and reduce capacity.
The company said the action would reduce its workforce in the regions by 1%, and included the elimination of 1,200 salaried jobs. Whirlpool, among the biggest appliance makers with a global portfolio of brands including Maytag, KitchenAid, Brastemp and Consul, did not break down the number of job cuts by location.
As part of the belt-tightening, Whirlpool said it would close a refrigeration manufacturing plant in Fort Smith, Arkansas, by the middle of next year, and relocate dishwasher production from Neunkirchen, Germany, to Poland in January.
The company said it was taking steps to reduce overall capacity production by about six million units as it reported third-quarter earnings that reflected lower operating profit.
"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," said Jeff Fettig, Whirlpool CEO.
The Benton Harbor, Mich.-based company reported operating profit fell 42% from the 2010 third quarter, to $136 million.
Net profit more than doubled in the July-September period, to $177 million, while sales climbed 2% to $4.6 billion.
Whirlpool estimated its cuts and other moves would result in $400 million in annual cost savings by the end of 2013.
"We are taking necessary actions to address a much more challenging global economic environment," said Fettig.
"We believe our cost and capacity reduction initiatives, recently announced cost-based price increases, and innovative product launches will enable us to expand operating margins and deliver long-term value to shareholders."
Copyright Agence France-Presse, 2011
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Had my water heater go this summer. It was 18 years old. They guy who installed my new one said that the build up of sentiment inside the tank is the biggest reason they leak (like mine did). He said to drain it once every year to relieve the build up.
Global corporations with American sounding names such as Whirlpool, GE and GM are not American corporations regardless of where they are incorporated.
The corporations and CEOs have no specific allegiance to the USA and there is a fair case to be made if they have any allegiance to shareholders. They’d sell the USA out in a minute and jump into the sack with the commies in China like any gigolo if it might improve profits. There is a word for that - prxxtxtute. Patriotism is about inherent loyalty to country and not to bottom line or self, and I submit there are no patriotic multi-national corporations. They should not have any influence over our USA politics and government.
Why should multi-nationals benefit from our military and tax write-offs such as R&D that they give to others? Why do we allow them to hand out bribes and influence our Congress and elections, because it is not about the USA. It’s important to understand that what’s good for multi-national business isn’t necessarily good for the USA.
You got that right. Those Energy Star appliances are garbage. We bought a highly rated Whirlpool dishwasher a couple of years ago to replace our old cheap, reliable Kenmore whose racks had begun to rust. Replacement cost of a single rack was more than we paid for the whole thing. Anyway, the $800 WHirlpool was a piece of crap.
When it didn't work well, I checked the manual. It said, "If the dishes aren't coming clean, Run the water on your faucet until the water is hot." I'm not kidding. Our water bill went up $10 a month.
We ended up replacing that piece of crap Whirlpool with a Miele after two years because my wife hated it so much. As God is my witness the woman has never complained about another appliance in all the years we've been married. I'll never buy a Whirlpool again.
It’s Bosch for me all the way. Oh and we have a Kinetico water system so that takes care of any sediment from our well water. We also have an Kinetico R.O. for our drinking water. Beats lugging in jugs.
Spot. On!
Nicely said. Bears reading and considering by all FReepers.
GREAT POST.
Only Pat Buchanan can save us , the U.S.
Of course, in China there is a less costly government than there is in the USA these days.
When it comes to governments it's hard to tell who is more communistic these days.
Only Pat Buchanan can save us , the U.S.
I saw where these liberal groups are trying to kick him off of MSNBC.
The USA might be past saving without major changes . There is too much cronyism and corruption; we need much more transparency in government; we need to outlaw all lobbying by former legislators and staff; all lobbying by ethnic groups on behalf of their own and for other countries. No other country should be permitted to lobby or interfere in our government. Only we the people (i.e. USA citizens) should have the right to lobby on our own behalf.
Instead of "belt-tightening," I'd have used a more obvious metaphor: Whirlpool is circling the drain.
Now THAT is hilarious! (I'm picturing whiny union workers here.)
There are now more unionized government workers in the U.S., than in the private sector.
A travesty, for sure.
People remember, and a screwed customer tells his friends.
Google Amana or whirlpool refrigerator.
We used to buy nothing but Whirlpool appliances. That is until I got only about eight years out of the last washer and the transmission went out. Replaced it with a Speed Queen. And, after hearing so many bad reports on their newer refrigerators, we bought a new Frigidaire. The old Whirlpool is still humming along down in the basement. The dishwasher is a Maytag that we bought ‘almost new’ from a garage sale and, knock on wood, it’s been trouble free for five years or so. When it goes, I’ll replace with another garage sale DW.
Lol. I officially hate auto correct.
Kids and auto correct say the darndest things...;-)
Yes, indeed. Our old frig was better than the new.
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