COPENHAGEN (Reuters) -Sweden's Electrolux on Monday announced plans to cut costs and warned its profit would drop as high inflation and low consumer confidence squeezed demand for its home appliances, while large investments in North America had yet to pay off. Demand for appliances in Europe and the United States decreased at a significantly accelerated pace in the third quarter, with high retailer inventories and supply chain imbalances increasing costs and inefficiencies, Electrolux said. In the April-June quarter, Electrolux booked a weaker-than-expected operating profit of 560 million Swedish crowns ($53.4 million).
HELSINKI (Reuters) -Sweden's Electrolux has decided to exit Russia and sell its business in the country to the local management, the home appliance maker said on Friday. "Electrolux has no production in Russia and will not supply any appliances to the divested company," it said in a statement. The company, which had paused operations in Russia following the country's attack on Ukraine, would book a capital loss of some 350 million Swedish crowns ($32.55 million) in its July-September results from the sale, it said.