Electrolux to cut more than 3,000 jobs

Electrolux said it will cut down more than 3,000 jobs primarily because of falling demand in Europe and North America, reports Business Standard.

The company has also cautioned that there can be more job cuts as it proceeds to move production capacity to low-cost countries.

The firm has about 57,000 employees worldwide. Electrolux noted that decline in demand for appliances in Europe and North America, in the last two weeks of November, has negatively impacted its sales volume and product mix for the fourth quarter.