Hundreds of salaried employees at Newton-based Maytag soon will be looking for work. Maytag C-E-O and President Ralph Hake announced a 20-million dollar cost reduction plan today. It includes eliminating about eight percent of the corporation’s salaried employees. That means about 500 people will lose their jobs in the second quarter, which begins July 1st.Hake says given Maytag’s lack of growth, the company must do more with less. Hake says he elected to do this in order to more effectively run the day-to-day business and to build a brighter future for the company. Maytag has just under 21-thousand employees. About 64-hundred of them are on salary. Hake says the job cuts will come in nearly every part of the company. The move is expected to save Maytag about 20-million for the rest of this year and about 40-million dollars annually. Maytag’s first quarter earnings were down.
