Citing factors such as the global credit crisis, falling earnings, declining home values, and reduced demand, home appliance producer Whirlpool Corporation announced plans to eliminate 5,000 jobs by the end of 2009. Some of the cuts will come from previously announced plant closings, while the rest will reduce or rearrange payrolls at operational sites. The company employs 73,000 worldwide, and reductions in that number are expected to save the firm $275 million annually. Most of the layoffs will affect Europe, though both full-time and contractor positions will be eliminated in North America as well.
See "Whirlpool, Its Earnings Down, Plans More Job Cuts", The New York Times, October 27, 2008