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Whirlpool Corp On June 26, Committed To Workforce Reduction Plan In United States, As Part Of Co's Continued Cost Reduction Efforts

  On June 26, 2020, Whirlpool Corporation (the “Company”) committed to a workforce reduction plan in the United States, as part of the Company’s continued cost reduction efforts. The workforce

Benzinga · -

 

On June 26, 2020, Whirlpool Corporation (the “Company”) committed to a workforce reduction plan in the United States, as part of the Company’s continued cost reduction efforts. The workforce reduction plan includes a voluntary retirement program and involuntary severance actions which will be effective as of the end of the second quarter of 2020.  

 

The Company expects the actions to be substantially complete in 2020. As such, the Company estimates that it will incur a total of approximately $95 million in employee termination costs, and expects substantially all of the costs to result in cash expenditures in 2020.   

 

The Company now expects total restructuring charges of $260 million to $280 million for fiscal year 2020, which includes the Company's original guidance of $100 million, the U.S. actions outlined above, and anticipated additional restructuring actions in 2020.