Despite good Q3 results Electrolux shuts two US plant
October 29, 2009
Electrolux is laying off 1400 workers who work under the Spanish plant in order to save cost. Due to cost cutting measures that was initiated last year, the Stockholm-based Electrolux has posted a net profit of about €160 million for the quarter September. Compared to last year, this is a 93 percent increase.
Despite its improved quarterly results, Electrolux is closing two plants at Iowa in US by 2011. It has decided to launch cooker production in Motala, Sweden approximately with 240 employees. The two plant located at Iowa are Webster city plants that has about 900 workers producing top loading washing machines and Jefferson plant that produces washing machine components with 50 people. The company has also decided to retain 75 workers in its technology center at Iowa.
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