HP shutters German location, axes 850 jobs

HP logoAs part of its recovery and restructuring plan announced under new CEO Meg Whitman, Hewlett Packard said today it is closing its Russelsheim, Germany site. In doing so, the manufacturer will cut 850 jobs, with another 250 possibly able to transfer to HP partners or clients. The company claimed that th emote would not affect HP's other major sites in Germany.

A combination of early retirements and layoffs has grown the layoff total to 29,000 from a previous expected total of 27,000. The layoffs affect nearly every department in every country, and account for about eight percent of the company's worldwide workforce.

HP also increased the cost of its restructuring to $3.7 billion through 2014, mostly funded through its pension program. All but $400 million are related to the workforce reductions, early retirement payouts, and severance packages. The company is also struggling to maintain revenue in its consumer divisions, as modest gains in desktop PC shipments failed to counter a drop in notebook sales and a dramatic falloff in printer revenue.

Source: Electronista

Tags: HP

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