Whirlpool to Cut 5,000 Jobs by 2009

GRAND RAPIDS, Mich. – Whirlpool Corp. says it will cut 5,000 jobs by the end of 2009 because of the global credit crisis and its expectation for continued reduced demand in North America and Europe.

The nation's largest home appliance maker also said Tuesday its third-quarter earnings fell 7 percent during the third quarter on lower unit volumes and higher material costs. Whirlpool lowered its earnings outlook for the year.

The Benton Harbor, Mich.-based company says it earned $163 million, or $2.15 per share, compared with $175 million, or $2.20 per share, a year earlier.

Revenue rose to $4.9 billion from $4.84 billion.

Whirlpool now says it expects a profit of $5.75 to $6 a share for 2008, compared with its previous estimate of $7 to $7.50 a share.