STOCKHOLM (AP) — Swedish appliance maker Electrolux AB plans to cut costs by around 5.1 billion kronor ($770 million) a year and review staffing levels in all regions because of a broad downturn in demand.
Electrolux said Tuesday it has been "tangibly affected" by a decline in consumer confidence in Europe and North America, while increased costs for raw materials have also weighed on earnings.
The company forecast 2011 sales volumes of household appliances in North America to be 25 percent below the peak year of 2005 and sales volumes in Western Europe to be 15 percent below the peak year there of 2006.
It said it expects the headwinds to continue in 2012.
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