Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Compaq -- Ignore unavailable to you. Want to Upgrade?

To: hpeace who wrote (12206)	12/28/1997 11:47:00 PM
From: Mark Ludlow	Read Replies (3) \| Respond to of 97611

Compaq named Forbes' company of the year www1.newsalert.com

To: hpeace who wrote (12206)	12/29/1997 7:52:00 AM
From: Mohan Marette	Respond to of 97611

Packard Bell NEC reportedly to cut 1,000 jobs Reuters Posted at 10:17 p.m. PST Sunday, December 28, 1997 TOKYO -- Packard Bell NEC Inc, a U.S. unit of NEC Corp , is likely to cut slightly more than 1,000 jobs to further boost its business efficiency, Japanese business daily Nihon Keizai Shimbun said in its Monday edition. The unit, based in Sacramento, California, is expected to formulate a cost-cutting plan in January that will include slashing a little over 1,000 people from its current work force of about 6,000, the paper said. NEC asked the unit to strengthen its restructuring efforts, the paper said. The unit has been suffering from a large loss due to intensifying competition in the U.S. personal computer market, it said. The paper quoted an unnamed NEC official as saying the restructuring plan that Packard Bell NEC had drawn up in the past was ''insufficient'. The U.S. company has already reduced its work force from 8,000 a year ago, the paper said. No NEC officials were available to comment on the report due to year-end holidays. Last week, NEC said it would provide $300 million yen in support to the U.S. unit and that 20 percent of the amount would be guaranteed by France's Groupe Bull SA . NEC senior executive vice president Seijiro Yokoyama told a news conference last week that NEC would boost its share of stock with voting rights in the U.S. unit to 49 percent from the present 19.84 percent. Groupe Bull owns 12.62 percent of the voting stock. Yokoyama said earnings at Packard Bell NEC were growing more slowly than expected due to a rapid decline in personal computer prices, adding that part of the infusion of funds would be used for day-to-day operations. Monday's Nihon Keizai said half of the $300 million in aid would be provided by the end of this year but the other half would be extended after February after NEC examines the unit's restructuring plan. It will be the fourth time the unit has received cash from investors in the past two years. Yokoyama said NEC aims to make an initial public offering of shares in Packard Bell NEC by the end of 1998. He said NEC had deliberately kept its voting rights below 50 percent because it wanted to list shares of the unit as a U.S. company under the leadership of U.S. managers.