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Electrolux Posts Lower Q3 Profit
Oct 21, 2003
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Electrolux AB, the world's largest maker of household appliances, posted a 38-percent decline in third-quarter profit largely because of a drop in demand and fluctuating exchange rates.

The Swedish company also said it was considering closing a production plant in Greenville, MI, U.S., and moving its operations to Mexico as a way to trim expenses.

Electrolux said it would consider closing the Michigan refrigerator plant and laying off its 2,700 workers. If it does close the factory, it would likely cost the company 1.2 billion kronor (U.S. $153.9 million). The company said it was in talks with unions there, but offered no timeline.

Electrolux earned 767 million kronor ($98.4 million) in the July-September quarter, down from 1.2 billion kronor in the same period a year ago.

Sales for the quarter fell 4.3 percent to 30.3 billion kronor ($3.8 billion) from 31.7 billion kronor a year earlier.

The Stockholm-based manufacturer, whose brands include Frigidaire, Electrolux, and Weed Eater, said sales in Western Europe were steady but rose in Eastern Europe and Britain, as well as the U.S. Demand for appliances elsewhere, including Brazil, India, and China, fell.

The company said while it saw strong growth for appliances and outdoor products in North America, it saw substantially lower income for floor-care products and food service equipment.

For the rest of the year, Electrolux said market demand for appliances would likely be flat, or increase slightly in Europe and North America, but down in Asia. (AP)

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