Electrolux to cut 3,000 positions

Swedish appliance maker Electrolux said it would cut 3,000 jobs after sales stumbled in the final two months of the year.

The company said more cuts could follow as it completes a strategy of moving production to low-cost countries in 2010, The Times of London reported.

Electrolux said it was unlikely to reach its goal of reaching $412 million to $500 million in pre-tax earnings this year.

Electrolux said it would save $150 million in operating expenses by reducing staff.