Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Hewlett Packard (HP), one of the world leaders in technology industry, is to cut 24,600 jobs. At the beginning of September, HP has announced its 2008-2011 reorganisation plan consequent upon the acquisition of EDS, a global technology services provider. At the end of August, HP closed the acquisition of EDS. The deal, priced at $25 a share for a total value of $13.9 billion, is the second largest ever in the technology industry after HP’s 2002 acquisition of Compaq. The job cuts will likely occur mainly in administrative, HR, and law divisions of the company; around 50% of the redundant workers are employed in the United States. Moreover, the plan envisages the recruitment of around 12,000 engineers within the end of 2011. HP is a technology company that operates in more than 170 countries around the world. The merger between HP and EDS has created the world's second largest IT and business services company, next to IBM. After the merger, HP has around 320,000 employees worldwide. Consequently, the job-cuts provided by the 2008-2011 plan concern the 7.5% of the total workforce.
Eurofound (2008), Hewlett-Packard, Merger/Acquisition in World, factsheet number 67093, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/67093.