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Multi-year restructuring at HP leads to 27,000 job cuts

In a news release today, Wednesday, May 23, 2012, HP announced a multi-year restructuring plan that would result in the loss of 27,000 jobs. This represents 8% of HP’s workforce and is expected to extend to the end of 2014.

HP focused on the expected annualized savings this restructuring would bring, which totals around $3.0 to $3.5 billion by 2014. HP hopes to take that savings and reinvest it back into the company finding efficiencies and improving customer service.

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Seagate announces intentions to acquire controlling interest in LaCie

In a press release today, Wednesday, May 23, 2012, LaCie and Seagate announced an exclusive agreement for Seagate to acquire controlling interest in LaCie. This purchase will grow Seagate’s hard disk product line and increase its capabilities in the consumer storage market.

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Seagate offered to purchase 64.5% of LaCie’s outstanding shares from Philippe Spruch, LaCie’s chairman and CEO, and his affiliate. These shares are currently valued at $186 million. The purchase price for Seagate may increase depending on the cash and debt position of LaCie at closing.

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