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Hewlett-Packard Asks for Asian Cuts

July 2, 2001

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PALO ALTO, Calif. (AP) _ Computer and printer maker Hewlett-Packard Co. has asked 14,000 of its workers in Asia to take pay cuts or use additional vacation days in an effort to trim costs.

Like terms announced for U.S. workers last week, company employees have three choices: take a 10 percent pay cut, use up eight paid vacation days, or take a 5 percent cut and four vacation days. The program is voluntary and about 23,000 workers worldwide have signed up so far, according to a Hewlett-Packard spokeswoman.

Hewlett-Packard announced in January it was cutting 1,700 marketing positions. Four months later, HP said it was trimming 3,000 management jobs. The company currently employs about 90,000 people worldwide.

Shares of HP closed up 10 cents, at $28.70, in trading Monday on the New York Stock Exchange.

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Hewlett-Packard: http://www.hp.com

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