Have you heard anything about potential Whirpool layoffs? Any chatter, news or rumors?
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So, was there a layoff in 2023? If "yes", how big was the cut?
I was at the unemployment office today 8/29/23 and they said next week they are going to be busy due to 400 whirlpool amana employees being laid off.
I no longer work for the company. However, I still follow it's trajectory, announcements, review earnings, etc... The following was taken directly from their Q3 2022 earnings announcement/transcript: "In response to the current macroeconomic challenges, we have initiated an over $500 million cost takeout program that will further reduce our fixed and variable costs in 2023. As a result of these actions, we have drastically reduced our breakeven point, which will benefit us once industry volumes recover from current temporary weakness." I mention this, as the company completed a similar "cost takeout program" in 2020 (which coincidentally was also $500 million if you look at transcripts from then). That cost takeout program first resulted in buyout offers, and then layoffs. It wouldn't surprise me if the same plan/pattern is implemented in the new year (avoiding the unpleasantness of Christmas-time buyout offers and related layoff stress). It may also be necessary for them to initiate these actions as early as Q1 if appliance sales remain soft (as Q1 is normally their weakest quarter in the US, and they can only pull forward so many shipments from Q2 when their partners are also facing recessionary headwinds). It's become theirs and every other legacy US company's playbook move -- when times are tough, use write-offs, write-downs and cost-cutting to improve the bottom-line. Unfortunately, at some point, you simply run of "fixed costs" to cut. Just my opinion, but I'd wager a greater than 50-50 that layoffs will happen in 2023...
I heard from someone working with steel companies here in Ohio that there was some talk about it. It’s hearsay but something nevertheless.