On Thursday, Electrolux AB, the Sweden based Company, declared Keith McLoughlin as its new Chief Operating Officer.

Keith McLoughlin will replace President and Chief Executive Hans Straberg, as the latter is leaving the Company. Mr. McLoughlin will take over the post from January 1, 2011.

Electrolux plans to collect bit of plastic from floating trash islands in the Pacific, Atlantic and Indian oceans. The world's second largest home appliance maker also intends at the formation of three European seas to then use the material for the manufacture of six showcase vacuum cleaners.

Exceeding all expectations and in what is being seen as result of tight restructuring and strict cost cuts, one of world's top ranked appliance makers Electrolux has reported a whopping 93% profit in its third-quarter report posted recently.

Saying that the company will not reach its previous outlook for 2008, Swedish appliance maker Electrolux AB plans to lay off more than 3,000 staff globally. This decision comes largely because of the sharp fall in the demand for the company’s appliances in Europe and North America, in the last two weeks of November.