Copenhagen
Electrolux, a Swedish company, said on Monday that it plans to start a cost-cutting programme because demand has been weaker than expected and earnings have been low in a time of high inflation.
The biggest home appliance maker in Europe said that most of the cost cuts would happen in Europe and North America, which would be a big boost to earnings in 2023.
Related: Electrolux misses profit projections due to supply chain issues and a decline in North America.
The company also said that the board had no plans to buy back more shares before the 2023 annual general meeting. They said this was because of the way the market is right now.
