Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  HEWLETT PACKARD       

SummaryNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets 

Hewlett-Packard Company : H-P to Cut 850 Employees, Close Germany Site

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/01/2013 | 05:15pm CEST

Hewlett-Packard Co. (HPQ) will close its site in Ruesselsheim, Germany, by the end of October and lay off about 850 employees--or 8.5% of its workforce in the country--as part of a previously announced broader restructuring effort.

"The changes we are announcing in Germany today are a necessary part of our commitment to deliver our long-term operating model," said Mike Nefkens, executive vice president of H-P Enterprise Services.

The Palo Alto, Calif., technology giant is in the midst of a multiyear turnaround as the personal-computer market faces growing pressure from mobile devices, intense price competition and economic uncertainty in emerging markets.

H-P has also faced falling interest in printers among consumers, who have shifted from relying on paper to using their mobile devices instead. Servers have seen their prices fall along with desktop and laptop computers, taking margins along with them.

In March, the company unveiled a sweeping reorganization plan that would fold its once-dominant printing business into its PC-making personal-systems group and centralize many other functions. It later disclosed plans to lay off 27,000 workers. Though the company has insisted its computer, software, services and printer businesses can be reinvigorated, it has said it expects revenue for the current fiscal year to fall in each of its largest businesses.

The latest restructuring affects the H-P enterprise services business in Germany, and won't affect any of the company's other major sites in the country. H-P will continue to employ about 10,000 people in Germany.

As part of the upcoming closure of the Ruesselsheim site, about 850 positions will be eliminated. H-P said employees affected by the changes will have the opportunity to apply for open positions at its other sites. It said the roughly 250 employees that remain at the site will have the opportunity to transfer to H-P partners or clients.

In November, H-P reported a nearly $7 billion loss for its fourth-quarter, writing down software unit Autonomy, which it acquired just over a year ago, citing accounting irregularities, among other reasons.

Shares of H-P were up 15 cents to $16.66 in recent trading. The stock has fallen 42% in the past 12 months.

Write to Saabira Chaudhuri at [email protected]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on HEWLETT PACKARD
06/23 TECH DATA : offers pre-delivery inspection (PDI) service on HPI printers and sca..
06/20 HP : 3D printing business strikes Japan partnerships
06/19 ENTERPRISE SERVERS MARKET :  Hewlett-Packard, Dell Inc., Cisco Systems, Inc., Le..
06/18 HP : advanced printers in Saudi
06/17 Tyson Foods Names Hewlett Packard Enterprise Executive as Chief Technology Of..
06/15 HP : 06/15/2017 HP Creates Social and Environmental Impact in Haiti with Launch ..
06/15 HP : Creates Social and Environmental Impact in Haiti with Launch of Ink Cartrid..
06/14 HP : 06/14/2017 HP Announces Supply Chain Goals to Enhance Environmental and Soc..
06/14 HP : Announces Supply Chain Goals to Enhance Environmental and Social Impact
06/13 HP INC : Earnings Highlights and Review: HP Outperformed Top- and Bottom-line Ex..
More news
Sector news : Computer Hardware - NEC
09:00p Apple working with Hertz to test self-driving technology - BBG
08:50p Apple, Cisco want cyber security insurance discount for joint customers
11:50a EU court seen ruling on Intel antitrust case next year - judge
06/25DJAPPLE : In 10 Years, Your iPhone Won't Be a Phone Anymore
06/23 Wall Street ends higher on technology, energy boost
More sector news : Computer Hardware - NEC
Advertisement
Financials ($)
Sales 2017 50 087 M
EBIT 2017 3 870 M
Net income 2017 2 579 M
Finance 2017 69,5 M
Yield 2017 3,00%
P/E ratio 2017 12,00
P/E ratio 2018 10,88
EV / Sales 2017 0,60x
EV / Sales 2018 0,58x
Capitalization 29 963 M
More Financials
Income Statement Evolution
More Financials
Consensus 
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 20,4 $
Spread / Average Target 15%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Dion J. Weisler President, Chief Executive Officer & Director
Margaret C. Whitman Chairman
Jon E. Flaxman Chief Operating Officer
Catherine A. Lesjak Chief Financial Officer & Executive Vice President
Shane D. Wall Chief Technology Officer
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
HEWLETT PACKARD29 963
APPLE26.30%762 681
HP INC19.95%29 963
HEWLETT PACKARD ENTERP..-2.99%27 932
SEAGATE TECHNOLOGY PLC11.79%12 657
PEGATRON CORPORATION--.--%8 212
More Results