News
PALO ALTO, CA – Tech giant Hewlett-Packard said it would cut 24,600 jobs worldwide – about half in the U.S. – during the next three years, in response to its acquisition and integration of Electronic Data Systems.
The computer maker purchased the Texas-based business services outsourcer last month as part of a $13.9 billion deal .
The cuts will affect 7.5% of the combined workforce, and HP will record a charge of $1.7 billion in the fourth quarter fiscal 2008 as a result of the restructuring program.
Once completed, the program is expected to result in annual cost savings of approximately $1.8 billion, HP said.
LAKE FOREST, CA – Probe Manufacturing’s board has cut ties with chief executive Reza Zarif and named Barrett Evans interim CEO.
Zarif, who was on a month-to-month employment agreement, remains on the company’s board.
The company reported 2007 revenues fell 26% to $6.9 million, although the net profit was up 148% to $374,896.
Evans will receive a base salary of $175,000.
Zarif, who was on a month-to-month employment agreement, remains on the company’s board.
The company reported 2007 revenues fell 26% to $6.9 million, although the net profit was up 148% to $374,896.
Evans will receive a base salary of $175,000.
MALVERN, PA – Vishay Intertechnology has acquired a specialty capacitor (wet tantalum) product line from Kemet Corp. for $35.2 million and other consideration in the form of a three-year term loan of $15 million.
Sales of these products during Kemet’s fiscal-year ended March 31 were approximately $16 million, of which approximately $7 million represent former Arcotronics products (acquired last year by Kemet ) sold mostly outside of the US.
Worldwide sales during the quarter ended June 30, 2008 were $4.4 million.
Closing is scheduled to occur by the end of business today.
