Cost reduction program and management changes
Electrolux is initiating a cost reduction program on the back of weaker-than-expected market demand and weak earnings in the third quarter. The cost measures are expected to result in a material positive earnings contribution in 2023. Ricardo Cons, currently Head of Business Area Latin America, has been appointed Head of Business Area North America.Market demand for core appliances in Europe and the US so far in the third quarter is estimated to have decreased at a significantly accelerated pace compared with the second quarter, driven by the impact of high inflation on consumer durables