Electrolux reported a 3Q net income increase to 847 million kronor (approx. US$106 million) from 762 million kronor. Yet, sales in North America fell 2.4% as Electrolux introduced new stoves, refrigerators, and washing machines, compared with an industry sales decline of 9.6% on large appliances. Higher prices on the new products helped to trim the decline, the company said. Profit rose in Latin America and Asia as the company shifted production to low-wage countries.
Electrolux CEO Haas Straaberg said he is in the fourth year of a five-year plan to move more than 50% of the company's production to lower-cost countries, including Mexico and Thailand by the end of 2009, shaving more than 3 billion kronor of annual costs from 2010. "We have some more factories" to close in the program, Straaberg said. "We'll see the end of it but we still have some to do."
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