HP to spend £107m on layoffs

Hewlett Packard plans to spend $200m (£107m) over the next six months on staff reductions.

Hewlett-Packard (HP) plans to spend $200m (£107m) over the next six months on staff reductions, the company said in a regulatory filing. It did not specify in the filing which business areas the staffing cuts would affect.

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 financial year restructuring plans at $791m. In the first nine months of its 2004 year, which ended July 31, HP recorded restructuring costs of $101m.

HP currently has around 145,000 employees worldwide.

Stacy Cowley writes for IDG News Service

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