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© filmfoto dreamstime.com Electronics Production | October 04, 2019

7'000 people to leave HP

HP Inc. announced a fiscal year 2020 restructuring plan that sees a reduction of its gross global headcount by approximately 7,000-9,000 employees.

HP hoped to achieve this through a combination of employee exits and voluntary early retirement, the latest fiscal states. The manufacturer further estimates that it will incur total labour and non-labour costs of approximately USD 1.0 billion in connection with the restructuring and other charges, with approximately USD 100 million in fiscal Q4/2019, USD 500 million in fiscal 2020 and the rest split between fiscal 2021 and 2022. These actions are expected to be completed in fiscal 2022. HP believes that these actions will result in annualised gross run rate savings of about USD 1.0 billion by the end of fiscal 2022.
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October 11 2019 3:09 pm V14.5.0-2