HP to Lay Off 24,600
Published: 16 September 2008
by Staff
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.
Press Releases
- PARMI USA, INC. Appoints Juan Arango as Head of Sales and Business Development to Drive U.S. Market Growth
- Naprotek Welcomes Aerospace and Defense Veteran to Board of Directors
- Variosystems Highlights Focus on Full-System Solutions with New Brand Identity
- CE3S Appointed as East Coast Distributor for The Millice Group of Companies