EU: HP, Compaq Job Cuts Total 5,900
FRANKFURT -- U.S. computer giant Hewlett-Packard said on Wednesday it plans to cut 5,900 jobs in Europe from a total of 15,000 already announced worldwide, as part of its merger with Compaq Computer Corp.
A spokeswoman for the computer and printer marker in Germany declined to break the numbers down to say which countries would be most affected and whether the jobs would go at the old Hewlett-Packard or Compaq.
The company is likely to give more information on the subject next week, she added. The German units of Hewlett-Packard and Compaq will be merged after the current business year ends on October 31, she said.
Hewlett Packard is expected to find cost savings of $3 billion by the end of 2004 from the merger and will hit its original $2.5 billion cost-savings target in 2003, Compaq has said. Executives have said the merger would cost $2.6 billion.
- 192 Technology & Telecommunications