Silicon Valley computer and printer giant HP will cut about 2,000 more jobs than previously announced, according to a Sept. 10 filing with the Securities and Exchange Commission. The company expects to shed 29,000 jobs by October 2014, according to the quarterly filing.
In May, HP announced that it was undergoing a company-wide restructuring that would include eliminating 27,000 jobs. The layoffs would trim the company's 350,000-strong workforce by about 8 percent. HP expects to implement the plan through the end of fiscal year 2014. The restructuring includes both a voluntary program for eligible U.S. employees and layoffs, the company noted in its filing.
HP also implemented a multi-year restructuring plan in the third quarter of fiscal year 2010, which includes consolidating its enterprise services business. The total expected cost of the plan is approximately $1 billion, and includes severance costs to eliminate approximately 8,000 positions. Approximately 8,500 employees would take early retirement, according to the SEC filing. As of July 31, approximately 7,300 positions had been eliminated.
Early retirees would receive lump sums ranging between five and 14 months of pay depending on years of service at the time of retirement under the program.
HP's corporate headquarters is located at 3000 Hanover St. in Palo Alto.