WHIRLPOOL CORP /DE/ (WHR): restructuring charge — Whirlpool announces additional workforce reduction plan of $52-57M

WHIRLPOOL CORP /DE/

Q1 workforce reduction cost $23M; new Q2 plan adds estimated $52-57M in termination costs.
Total 2024 restructuring charges expected between $75M and $80M.
Substantially all costs expected to be cash expenditures in 2024; actions substantially complete by year-end.
Reductions follow European appliance transaction and aim to simplify organizational model.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

WHIRLPOOL CORP /DE/ announced a restructuring with charges of approximately $75 million to $80 million affecting global.

Type: restructuring
Charge: approximately $75 million to $80 million
Affected area: global

Exact text from the filing

On April 29, 2024, the Company began the employee notification process for an additional global workforce reduction plan, including involuntary severance actions (the “Second Quarter Workforce Reduction Plans”). Total expected costs for actions under the Second Quarter Workforce Reduction Plans are an estimated $52 million to $57 million, primarily in employee termination costs, which we expect to incur within the second quarter of 2024. The Company expects total restructuring charges of approximately $75 million to $80 million for fiscal year 2024, reflecting amounts under the First Quarter Workforce Reduction Plans and Second Quarter Workforce Reduction Plans outlined above.

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Source: SEC EDGAR

accession 0000106640-24-000105

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