Business Services Industry
Compaq Announces 5,000 Job Cuts.
Knight Ridder/Tribune Business News, March, 2001
By Leah Beth Ward, The Dallas Morning News Knight Ridder/Tribune Business News
Mar. 16--Compaq Computer Corp. followed many of its technology peers by announcing Thursday that it would cut 5,000 jobs, or 7 percent of its workforce.
The Houston-based company also lowered its earnings forecast for the first quarter.
The personnel move is expected to cut costs as much as $600 million.
"We see continued weakness in the U.S. economy, and resultant pricing pressures," said Michael Capellas, chairman and chief executive officer.
Compaq said the job cuts will take place over the next four to six weeks and will be concentrated in three units: personal computers, marketing and supply-chain management. The company declined to...
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