HP bears high pension cost

AN EXCEPTIONAL pension cost at the expanding Galway unit of computer giant, Hewlett Packard (HP) put the company into the red last year, new figures show.

Accounts just filed with the Companies Office show that revenues at Hewlett Packard Galway Ltd increased by 19% from $294.9m (€206.35m) to $353m in the 12 months to the end of October last.

The filings show that the company incurred an exceptional $17m cost in relation to additional funding to shore up “a significant deficit” in its pension scheme last year resulting in a pre-tax loss totalling $12.5m.