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Gateway to Cut Work Force by More Than 2,000
Mar 3, 2004
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Computer and electronics manufacturer Gateway Inc. (Poway, CA, U.S.) expects to cut more than 2,000 jobs in the next few months, according to company CFO Roderick Sherwood.

At the Morgan Stanley Semiconductor & Systems Conference held March 2, Mr. Sherwood provided an update on the company's performance and its previously announced merger with eMachines, Inc.

Mr. Sherwood says that the company expects the agreement to close by March 8, which is when the U.S. Federal Trade Commission's (FTC) 30-day waiting period for the merger ends.

However, during the question and answer portion of the presentation, Mr. Sherwood provided an update on the company's ongoing restructuring efforts, which were announced in the third quarter of 2003. He explained that Gateway's employee levels were at about 7,400 at the end of 2003, but that the headcount is projected to be in the mid-5,000 range during the next few months.

Mr. Sherwood noted that these reductions were a part of the company's "ongoing evolution of outsourcing" that Gateway started in the third- and fourth-quarter of 2003.

According to an Associated Press report, Gateway currently has 6,500 employees, and when the company's restructuring efforts were announced late last year, it said would employ about 6,700 people by the middle of 2004.

In late January, Gateway announced plans to acquire eMachines for about U.S. $235 million in cash and stock, according to the report.

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