Whirlpool to take $51 mn charge on plant closing

Whirlpool to take $51 mn charge on plant closing
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First Published: Mon, Aug 31 2009. 07 00 PM IST
Updated: Mon, Aug 31 2009. 07 00 PM IST
Bangalore: Whirlpool Corp said on Monday that it would take $51 million of charges in connection with the closing of its Evansville, Indiana, facility.
The world’s biggest appliance maker said the charges include $21 million in employee termination costs, $13 million in equipment relocation costs, $5 million in asset impairment costs and $12 million in other associated costs.
Whirlpool expects to recognize about $21 million of these costs in fiscal 2009, $27 million in fiscal 2010 and the rest in fiscal 2011.
On Friday, the appliance maker said it would shut a plant in Evansville and move some production to Mexico next year, a change that will eliminate about 1.6% of its work force.
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First Published: Mon, Aug 31 2009. 07 00 PM IST