In light of the sharp market decline, white goods maker, Electrolux, is slashing 3,000 employees in the fourth quarter of 2008 and in 2009.
All the company's worldwide operations will be affected.
Electrolux products include refrigerators, dishwashers, washing machines, vacuum cleaners and cookers sold under brands such as Electrolux, AEG-Electrolux, Eureka and Frigidaire.
The company said that the demand for appliances in Europe and North America had declined considerably in the last two weeks of November, and this had a negative impact on its sales during the fourth quarter.
It added that, in December, the demand for its appliances in Europe and North America continued to show a sharp decline.
In addition to the cuts, Electrolux will continue to move production of its products to 'low-cost countries' in accordance with a restructuring programme it launched in 2004.
The programme, which will be completed in 2009 and 2010, will further reduce the number of employees.