Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Electrolux Posts Lower Q3 Profit
Oct 21, 2003
 Printable format
 Email this Article
 Search

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)

Back to Daily News

 

Daily News

...........................................................

Nov 21, 2014: Electrolux: new U.S. fridge efficiency requirements are more complex than anticipated

Nov 21, 2014: Whirlpool brand launches Perceptions of Care video

Nov 21, 2014: Hon Hai 3Q profit $1 billion

Nov 21, 2014: Environmental Product Declarations for aluminum product types released

Nov 20, 2014: Report: Drop in affluents' consumer confidence may foretell signal trouble ahead for some retailers

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

November 2014: U.S. Appliance Industry: Market Value, Life Expectancy & Replacement Picture 2014
October 2014: Portrait of the European Appliance Industry
September 2014: Appliance Industry Focus: HVAC
June 2014: Appliance Magazine Market Insight: April 2014




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Plastics Today | Powder Bulk Solids | Canon Trade Shows