Monday, September 22, 2008
Hewlett-Packard will cut 24,600 jobs as part of a three-year restructuring program in the wake of its $13.9 billion acquisition of Electronic Data Systems Inc.
The company said it expects to replace roughly half of these positions over the next three years to "create a global workforce that has the right blend of services delivery capabilities to address the diversity of its markets and customers worldwide."
HP said it would record a charge of $1.7 billion in the fourth quarter of fiscal 2008 relating to the restructuring program, $1.4 billion of which will be recorded as goodwill and $300 million of which will be recorded as a restructuring charge that will be included in HP's financial results.
HP's acquisition of EDS closed last month. The combined company reportedly employees about 320,000 people.
By: DocMemory
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