HP to Cut Nearly 25,000 Employees Sep 18, 2008

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Hewlett-Packard expects to eliminate about 24,600 employees over the next three years as it works to incorporate newly acquired software company EDS into its business and to cut costs in the process. HP completed its acquisition of EDS on Aug. 26.

According to HP, the workforce reduction will account for approximately 7.5% of its and EDS’s combined workforce. The company said nearly half of the reductions will occur in the United States. HP said it will provide affected employees with severance packages, counseling, and job-placement services.

Once completed, HP said it expects the restructuring to result in annual cost savings of approximately US$1.8 billion.

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