Hewlett-Packard To Cut 5,900 European Jobs
Hewlett-Packard is letting go of 5,900 employees in Europe as it undergoes a “global restructuring plan”, which it announced back in July.
The company originally announced that it would be cutting 14,500 jobs around the world. About 1,200 of the job cuts will take place in France.
HP didn’t announce how many of the job cuts would be on a voluntary basis. Representatives for HP’s European staff are soon expected to receive the details of what jobs will be cut.
HP plans to save about $1.9 billion a year from the total restructuring plan, which aside from cutting jobs, includes changes to the company’s retirement plan. Jean-Marie Godard of AP reports:
HP is fighting to stay competitive with formidable rivals like International Business Machines Corp. in the high-end market and Dell Inc. in budget PCs.
Announcing the French job cuts, HP France said the layoffs had been decided “to safeguard the future” of the company.
HP shares dropped 5 cents to $27.68 in morning trading on the NYSE according to Godard. Over the last year, shares have traded between $17.59 and $27.98.