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.
SAN FRANCISCO – Major IT OEMs gave cautious outlooks on the macro environment and overall IT spending at an analyst-sponsored conference last week.
SMYRNA, GA – Circuits Assembly will accept entries for its 2009 New Product Introduction Award for electronics assembly equipment, materials and software suppliers beginning Nov. 3.
RENTON, WA – Microscan will purchase Siemens' machine vision business for an unspecified amount. The deal is expected to close Sept. 19. Microscan said it would maintain the Nashua, NH, site of the Siemens' business, formerly Acuity CiMatrix, and retain the majority of the workforce.
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