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Whirlpool cutting jobs

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Whirlpool cutting jobs

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Whirlpool is to lay off 5,000 people – seven percent of its work force. At the same time it made that announcement, the world’s biggest appliance maker posted a lower quarterly profit on reduced demand for its products.

The company’s shares fell after it slashed its earnings outlook for this year and suspended its share buyback programme.

Whirlpool said it expects higher restructuring costs and a deeper deterioration in demand in both the United States and Europe.