HP Announces Massive Restructuring Plan, Closing 9,000 Jobs

Business | October 4, 2019, Friday // 13:55
Bulgaria: HP Announces Massive Restructuring Plan, Closing 9,000 Jobs www.pixabay.com

Мanufacturer of US computers and printers Hewlett Packard Inc. announced a major restructuring plan. HP said it intends to cut between 7000 and 9,000 jobs out of a total 55,000, according to global agencies.

The workers will be discharged “through a combination of employee exits and voluntary early retirement.” It expects to complete the culling in the company's 2022 fiscal year, CNN reported..

The restructuring plan was presented by Enrique Lores, who will become president and CEO of the company on November 1. The plan will allow HP Inc. to adapt to their customers' new consumer habits and focus more on services. The company will also be able to sell its printers at lower prices, but then will lock them into buying ink from HP. Customers also can opt to purchase printers at a higher price that would allow them to use third-party ink cartridges, Mr. Lores said, quoted by The Wall Street Journal.

The restructuring plan will be worth $ 1 billion. The company estimates that it will be able to save $ 1 billion annually from fiscal 2022.

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Tags: HP, printers, jobs, restructuring plan, Enrique Lores
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