Electrolux Plans Layoffs, Cost Cuts Of $770 Million

Electrolux job cuts budget
Electrolux job cuts budget

By Malin Rising

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.