Household appliance giant Electrolux is to cut more than 3,000 jobs globally amid an abrupt downturn in business.
Announcing the move, the Swedish firm warned its 2008 results would fall short of expectations. It said demand for appliances in Europe and North America had declined considerably in the last two weeks of November and so far in December. Electrolux is already in the process of restructuring its business to reduce production costs, moving factories to countries where labour is cheaper. At the end of 2007, the company employed nearly 57,000 people worldwide.