Whirlpool to cut 1,000 jobs globally

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April 24, 2024 4:26 PM EDT

The administrative entrance at the Whirlpool plant in Clyde, Ohio, U.S. October 3, 2017. REUTERS/Aaron Josefczyk

(Reuters) -Whirlpool Corp will lay off about 1,000 salaried employees globally, the home appliances maker said on Wednesday.

The company said it first cut jobs in March and expects a second wave of reductions by early May.

Whirlpool aims to trim up to $400 million in costs this year, the Wall Street Journal, which reported the news earlier in the day, quoted the company's chief financial officer, Jim Peters, as saying.

Shares of the company were up about 1.7% in extended trading.

Whirlpool in a regulatory filing on Wednesday said it was committed to its workforce reduction plans and expects to incur about $50 million of restructuring charges in 2024.

The company had about 59,000 employees globally as of last year, according to its annual filing.

Whirlpool also reported a 3.4% drop in its first-quarter net sales to $4.49 billion on Wednesday.

(Reporting by Nathan Gomes and Arsheeya Bajwa in Bengaluru and Juby Babu; Editing by Shilpi Majumdar and Sriraj Kalluvila)


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