Stockholm, Sweden (AP) -- Appliance maker Electrolux plans to cut about 2,000 jobs, or 2.3 percent of its work force, in a restructuring this year after posting an 11% decline in fourth quarter earnings.

The company blamed higher price pressure and costs for materials for the decline. It also said demand increased in most markets during the first half of the year but later dropped.

Electrolux president and chief executive Michael Treschow said Friday the company was cautious about overall prospects for this year.

The company which makes appliances ranging from microwave ovens to refrigerators and washing machines has set aside 883 million kronor ($91.5 million) for the restructuring program that will include a realignment of its European and North American organizations.

It employs more than 86,000 people worldwide. Treschow said many of the employees affected by the cutbacks had already left the company.