HP to spend US$200m on layoffs
How much more could it cost to keep staff?
- 24 November, 2004 22:00
Hewlett-Packard plans to spend US$200 million over the next six months on staff reductions, the company said in a regulatory filing this week. It did not specify in the filing which business areas the staffing cuts would affect.
The company has continuously adjusted its workforce since buying Compaq in 2002, which quickly led to cuts of more than 17,000 jobs from the combined company. HP estimated the total cost of its 2003 fiscal year restructuring plans at US$791 million. In the first nine months of its 2004 fiscal year, which ended July 31, HP recorded restructuring costs of US$101 million.
HP currently has around 145,000 employees worldwide.