HP cutting 24,600 jobs
Hewlett-Packard Co. said on Monday that it plans to slash 8% that is 24,600 jobs over the next three years, seeking to realize savings from its recent acquisition of Electronic Data Systems Corp (EDS). Nearly half of the job reductions will take place in the United States, the Palo Alto, California-based company said. EDS was headquartered in Plano, Texas, near Dallas.
HP estimated $1.8 billion in annual cost savings once the cost-cutting program is completed. Company said the vast majority of the cuts would focus on eliminating overlapping jobs at EDS in corporate functions such as legal, accounting, IT and HR.
Work-force reduction plans will vary by country, based on local legal requirements and consultation with works councils and employee representatives, HP said. The company will provide employees affected by this restructuring program with severance packages, counseling and job placement services.
HP already employed more than 178,000 people worldwide and added 142,000 more with the EDS acquisition. The two companies combined had more than $38 billion in revenue from technology services last year.
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