HP to Reoganize Main Business Divisions
Tuesday June 20, 5:30 pm ET
Hewlett-Packard to Reorganize to Give Main Business Divisions More Control Over Operations
PALO ALTO, Calif. (AP) -- Hewlett-Packard Co. said Tuesday that as part of its previously announced restructuring plan, it will give each of its three main business divisions more control over operations in an attempt to cost cuts.
The company said its Imaging and Printing Group, Personal Systems Group and Technology Solutions Group will have greater control over functions such as procurement, supply chain, logistics, order fulfillment, as well as certain marketing functions.
The reorganization of operations is expected to be completed in November.
In July 2005 HP announced a major restructuring plan, which it later said would include 15,300 job cuts. The company expects the job cuts to be completed by the end of 2006.
Shares of HP closed lower by 71 cents, or 2.1 percent, at $32.86 in the extended session on the New York Stock Exchange. The stock has ranged between $23.05 and $34.52 over the past year.
biz.yahoo.com |
