Word: straaberg
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...maker, announced it was eliminating 5,091 jobs worldwide, about 6% of its workforce. Stock markets, which often applaud such "restructuring" moves, instead were sour; one Swedish investment bank even put a rare "sell" recommendation on Electrolux stock. What's ailing the maker of Eurekas and WeedEaters? CEO Hans Straaberg blames heavy competition and certain "under-performing" areas, notably room air conditioners, for which labor and supply costs at the Frigidaire plant in New Jersey are said to be too high. Analysts complain that the firm is spread too thin. Either way, the only winners seem to be dirty carpets...
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