Breaking News
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

HP To Cut 850 Jobs In Germany

RELATED NEWS
Trade HPQ now with 
2/1/2013 12:57 PM ET

Hewlett-Packard Co. (HPQ: Quote) said Friday it will cut 850 jobs at its Enterprise Services business in Germany and close its site in Rüsselsheim by October, as part of a multi-year restructuring program the PC maker unraveled last May.

The closure of the Rüsselsheim site will result in the elimination of 850 positions, and those affected can apply for open positions at other HP sites. About 250 employees at the site will have the opportunity to transfer to HP partners or clients.

The Enterprise Services restructuring will not impact any of HP's other major sites in Germany, where the company has 10,000 people on its payrolls.

The necessity of job cuts in Germany stem from efficiency gains, local partner outsourcing and consolidation with its global service delivery hubs, the company said in a statement.

"...HP Enterprise Services has an aggressive plan to optimize its portfolio and its sales and delivery model, and to improve its cost structure, resource management and operations," said Mike Nefkens, executive vice president, HP Enterprise Services.

Last year, HP said it will eliminate 29,000 employees over two years in a bid to register a healthy growth trajectory. The company employs about 300,000 people worldwide.

HP is trading at $16.63, up 0.73%, on a volume of 8.2 million shares on the NYSE.

Register
To receive FREE breaking news email alerts for Hewlett-Packard Company and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Chipmaker Advanced Micro Devices Inc. said Thursday after the markets closed that its first quarter loss narrowed from last year, helped by strong revenue growth in its graphics and visual solutions business. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarterly revenue. After trending higher over the past few sessions, stocks showed a lack of direction throughout the trading day on Thursday. The major averages spent the session bouncing back and forth across the unchanged line before ending the day mixed. While the major averages closed on opposite sides of the unchanged line, they all showed only modest moves. U.S. Secretary Of State John Kerry said Thursday that he and his counterparts from Russia, Ukraine and the European Union have reached an agreement on a preliminary plan for ending the ongoing crisis in Ukraine. Kerry was speaking at the end of the Ukraine contact group's first meeting, comprising the foreign ministers of Russia, Ukraine, the EU and the U.S., in the Swiss city of Geneva.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.