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 CET

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 saabira.chaudhuri@dowjones.com

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
01/19 HP : The Fourth Industrial Revolution and you
01/17 HP : unveils world`s first mini workstation, Z2 Mini in India
01/13 HP INC. : Delivers New Mobile Capabilities to Retailers
01/11 HP : Ignites Powerful PC Experiences at CES 2017
01/11 HP : sets Guinness World Record by printing the longest line of photographs
01/11 HP : In a sea of new products, HP stands out at CES
01/11 HP : Labs successfully demonstrates a path towards “Physical Computing&rdq..
01/10 AFTER HOURS : Gonzalo Usandizaga
01/06 Huiding Announced Cooperation with LG
01/04 3D : Top 3D Printing News Stories of 2016
More news
Sector news : Computer Hardware - NEC
01/21DJApple Sues Qualcomm Over Chips -- WSJ
01/21DJAPPLE : Sues Qualcomm Over Licensing Practices -- 2nd Update
01/21 Apple files $1 billion lawsuit against chip supplier Qualcomm
01/21DJAPPLE : Sues Qualcomm Over Licensing Practices -- Update
01/20DJAPPLE : Sues Qualcomm Over Licensing Practices
More sector news : Computer Hardware - NEC
Advertisement
Financials ($)
Sales 2017 46 918 M
EBIT 2017 3 787 M
Net income 2017 2 622 M
Finance 2017 252 M
Yield 2017 3,84%
P/E ratio 2017 9,74
P/E ratio 2018 9,49
EV / Sales 2017 0,53x
EV / Sales 2018 0,53x
Capitalization 25 121 M
More Financials
Income Statement Evolution
More Financials
Consensus 
Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 16,2 $
Spread / Average Target 9,9%
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 PACKARD25 121
APPLE INC.3.61%630 938
HEWLETT PACKARD ENTERP..-1.12%38 091
HP INC-0.74%25 121
SEAGATE TECHNOLOGY PLC-4.45%10 741
LENOVO GROUP LIMITED7.63%7 275
More Results