HP to lay off off 27,000 workers -- or the population of Crofton, Md.

May 23, 2012|Gus G. Sentementes

Depressing news coming out of California today: computer and printer giant HP announced a big restructuring plan that involves it saying goodbye to 27,000 workers, or 8 percent of its 325,000 global workforce, the company said.

To put it in perspective, that's equivalent to everybody in Crofton, Md. (Pop: 27,348), getting a pink slip.

The company, which hasn't been able to come up with a competitor to the iPhone/iPad/mobile device space, said it expected to save $3-3.5 billion annually with the cuts beginning in 2014. HP is offering early retirement plans. It will record a pre-tax charge of $1.7 billion, plus another $1.8 billion through 2014.

The company said it plans to reinvest savings from the restructuring program back into its business units, to "drive innovation and differentiation across its core printing and personal systems businesses, as well as emerging areas."

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