Electrolux Specifies Savings from Cuts Dec 21, 2011

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Electrolux said in November at its Capital Markets Day that it is taking steps to reduce overhead costs in all regions and this week specified the cost savings it expects to generate—but did not specify where upcoming jobs cuts would occur.

Electrolux said savings from these measures will amount to SEK 680 million (approx. US$98 million) annually and will cost SEK 630 million.

Electrolux said staffing reductions levels in all regions began in late 2011 and will continue in early 2012.

The appliance maker said the annual savings are about SEK 180 million higher than previously estimated and communicated at the Capital Markets Day in November, while costs are about SEK 130 million higher.

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