Whirlpool Layoffs: Firm To Cut 1,000 Jobs As Slow US Home Sales Limit Demand

Whirlpool's chief financial officer Jim Peters said that the firm aims to achieve cost savings of up to $400 million this year through the workforce reduction initiative.

Whirlpool employed 59,000 workers worldwide as at the end of 2023.

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Whirlpool Corp has announced that it will be laying off about 1,000 salaried employees worldwide. The home appliance manufacturer stated that it began implementing job cuts in March and anticipates a second round of reductions by early May, as reported by Reuters. The US-based firm aims to reduce costs by up to $400 million this year, according to the Wall Street Journal, which reported statements from the company's chief financial officer, Jim Peters.

In after-hours trading, Whirlpool's shares rose by around 1.7 per cent. In a regulatory filing on Wednesday, Whirlpool affirmed its commitment to workforce reductions and estimated restructuring charges of around $50 million in 2024. The owner of the Maytag and Amana appliance brands, Whirlpool, is cutting about 1,000 salaried positions worldwide to reduce costs as slow US home sales limit demand.

Earlier in 2024, the company said it was cutting jobs without saying how many. Whirlpool employed 59,000 workers worldwide as at the end of 2023, according to its annual report.

Whirlpool also disclosed a 3.4 per cent decline in its first-quarter net sales, amounting to $4.49 billion.

Similarly, Tesla, owned by Elon Musk, recently announced plans to cut its workforce globally by over 10 per cent, affecting approximately 14,000 employees. This decision stems from the need to streamline operations following periods of significant growth, allowing the company to prepare for its next phase of expansion.

Last week, US tech giant Google was reportedly preparing for another set of layoffs. As the firm intensifies its cost-cutting efforts, these layoffs mark the latest series of job cuts at the organisation, reported the news agency Reuters, citing sources. The Google spokesperson told Reuters that the layoffs are not company-wide and assured that affected employees will have the opportunity to apply for internal positions.