Electrolux to cut 3,000 jobs as sales fall

Electrolux, the Swedish home appliances maker, plans to cut around 3,000 jobs due to lower sales in the third quarter. The company aims to reduce costs in order to restore margins amidst weak consumer demand and competitive pressure. Electrolux reported an 8% drop in sales compared to the same period last year, but did return to profit in the third quarter. The company had previously announced job cuts in North America and the closure of a plant in Hungary.