Electrolux announced on Thursday that it would cut 3,000 jobs over the next two years, part of the Swedish home appliance maker's efforts to streamline operations as it faces stiff competition, particularly in North America.

The group also said it had raised 9 billion kroner ($970 million) in funds from shareholders to pursue its growth strategy, including a new partnership with China's Midea to produce for North American markets.

"The highly complementary, strategic partnership with Midea Group, our efforts to optimize the global manufacturing footprint and a more agile organization, together with a stronger balance sheet, will be instrumental to the Group's long-term profitable growth," CEO Yannick Fierling said in a statement.

The company said it now expected demand in North America, which generates around a third of its revenues, to be "negative" this year.

Electrolux returned to profit last year following years of losses after the COVID-19 pandemic, but it warned in January that North America would continue to be a challenging market.

The company currently employs around 39,000 people worldwide.