HP to shed 5900 in Europe

Computer giant Hewlett-Packard (NYSE: HWP) plans to make 5,900 job cuts in Europe from the total of 15,000 already announced worldwide, as part of its merger with Compaq Computer, according to Reuters.

The company did not say which countries would be most affected.

HP expects to save USD 3 billion by the end of 2004 from the merger and will reach its original USD 2.5 billion cost-savings target in 2003, Compaq has said.

Executives have said the merger would cost USD 2.6 billion.