Whirlpool Corp. (WHR) will close a factory in Evansville, Ind., a move that will lead to 1,100 job cuts in 2010. The factory's refrigerator and freezer production will move to one of its facilities in Mexico. The company has yet to decide on the fate of a product development center also in Evansville with 300 employees, and where it will relocate production of ice makers.
Whirlpool relies heavily on new-home sales and the replacement market in North America, but the housing market remains stagnant by high foreclosure rates and sluggish building activity.
The appliance maker announced late last year it would cut some 5,000 jobs through 2009 in response to falling demand. That's roughly 7% of the work force. Whirlpool's shipments are expected to be down 10% to 12% this year.
Shares were recently up 1.3% at $65.38. The stock is up 58% this year.