HP to spend $200M on layoffs

HP to spend $200M on layoffs

Hewlett-Packard (HP) plans to spend US$200 million over the next six months on staff reductions, the company said Tuesday in a regulatory filing. It did not specify in the filing which business areas the staffing cuts would affect.

However, a spokesperson for HP Australia said the decision would have no impact on its local operations. The cuts would be restricted to the US and possibly Europe, they said.

The company has continuously adjusted its workforce since buying Compaq Computer 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 $791 million. In the first nine months of its 2004 fiscal year, which ended July 31, HP recorded restructuring costs of $101 million.

HP currently has around 145,000 employees worldwide.

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