HP to spend $200M on layoffs

Company has not specified the areas to be affected by staffing cuts over next six months

Hewlett-Packard (HP) plans to spend $200 million over the next six months on staff reductions, the company said Tuesday 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 Corp. 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 fiscal year restructuring plans at $791 million. In the first nine months of its 2004 fiscal year, which ended July 31, HP recorded restructuring costs of $101 million.

HP, based in Palo Alto, California, currently has around 145,000 employees worldwide.