- Swedish home appliance manufacturer Electrolux AB (OTC:ELUXY) has initiated a cost reduction plan and North American turnaround program in the wake of a demand slump.
- The proposed plan is expected to affect 3,500 – 4,000 positions.
- The company said it would take a restructuring charge of SEK 1.2 billion – SEK 1.5 billion in the final three months of 2022.
- The cost reduction from the program includes and replaces the previously communicated benefits from the SEK 8 billion global re-engineering investments.
- The cost reduction element will focus on three areas: eliminating cost inefficiencies in the supply chain, leveraging the organizational changes that took effect on July 1 this year, and optimizing R&D and marketing investments.
- Total savings from the program are estimated to be more than SEK 7 billion.
- The company reported an operating loss in the third quarter of SEK (385) million.
- Price Action: ELUXY shares closed higher by 1.98% at $23.74 on Thursday.
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