Whirlpool to cut jobs despite profits

(CNN) - Whirlpool announced Friday that it will cut 5,000 positions in North American and Europe.

The appliance maker's cuts come in spite of a $177 million profit in the third quarter.

Those profits are more than double what Whirlpool earned last year during the same time period.

The company says it's coming out short for the year due to weaker demand and higher materials costs.

The decision to lay off workers is expected to save the company $400 million over the next few years.

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