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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (60174)	2/8/2002 3:18:03 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Electrolux Posts Fourth-Quarter Loss on Job Cut Costs (Update1) By Dara Doyle 02/08 02:48 quote.bloomberg.com Stockholm, Feb. 8 (Bloomberg) -- Electrolux AB, the largest appliances maker, had a loss in the fourth quarter because of costs to cut jobs. The maker of Frigidaire refrigerators said it doesn't expect demand to rebound this year. The loss, the first since the second quarter of 1997, was 286 million kronor ($26.9 million), compared with a profit of 741 million kronor a year earlier. The company said it spent 1.5 billion kronor to dismiss 2,800 employees. ``Market demand in 2002 is expected to be generally flat compared to the previous year in both Europe and the U.S.,'' the company said in a statement sent by the Waymaker press release distribution service. Like rivals Maytag Corp. and Whirlpool Corp., Electrolux cut the workforce because of declining demand. Shoppers have scaled back spending on products such as Zanussi washing machines and Eureka vacuum cleaners on concern about rising unemployment and stalling economies, analysts said. Electrolux reported a pretax loss of 238 million kronor, beating the 400 million kronor expected by analysts polled by market surveyor SME. Sales climbed 8.4 percent to 31.9 billion kronor, partly boosted by the krona's slide against the dollar and the euro.