Whirlpool has '60 per cent rise in earnings'
29/01/2008
Whirlpool has seen a 60 per cent rise in earnings in its international businesses over three months last year, according to one source.
The appliance company says that the profits are partly due to it acquiring Maytag, but also to lower tax rates, favourable exchange rates, improvements in productivity and firmer cost controls, reports the Broadcast Newsroom.
Jeff Fettig, chairman and chief executive officer at
Whirpool, said: "Our international businesses continue to execute extremely well and we are pleased with their financial performance through the first half of 2007.
"We are positive about the trends exiting the second quarter and believe demand will begin returning to moderate growth levels in the second half of this year."
Whirlpool achieved the rise in profits despite higher material costs and fewer shipments within the US, said the news site.
The company acquired Maytag in a $1.7 billion deal, making them the largest appliance makers in the world, reported ABC Money.
