Whirlpool Corporation

Whirlpool Corp. said recently that it's laying off 700 workers at its Fort Smith plant, in part because of a weak economy and high raw material costs. The move will cut the refrigeration plant's work force by a third, leaving about 1,450 positions at the 1.2 million-square-foot facility on Jenny Lind Road, a company official confirmed. As recently as 2005, the plant employed about 4,600 people. Whirlpool said in a news release that another refrigeration plant in Evansville, Ind., will lay off 120 workers. The corporation said consolidations and an accelerated release of new product innovations are part of its 2008 global operating strategy. Whirlpool shares Monday closed at $86.13 on the New York Stock Exchange, down $1.43 or 1.63 percent.