Whirlpool cuts 5000 jobs worldwide

The company will reduce its global workforce by approximately 5,000 positions by the end of 2009. In addition to the four facility closures Whirpool announced earlier this year, the company will also close its Jackson, Tennessee facility and transfer production into its Findlay, Ohio location. Third-quarter earnings reflect lower global unit volumes, higher material and oil-related costs and lower asset sale gains compared to the third quarter of 2007. These items were partially offset by an income tax benefit, favorable price/mix and productivity initiatives during the quarter. The company's results included $10 million in asset sale gains compared with $41 million of asset sale gains and the sale of an investment in the previous year's quarter.