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Economics, government & businessLatest NewsJob creation and losses

Agilent Technologies to axe thousands of jobs

by Johann Tasker 16 Aug 2005
by Johann Tasker 16 Aug 2005

Agilent Technologies, the world’s biggest manufacturer of testing equipment, is to eliminate thousands of jobs as part of a restructuring plan to cut costs by $450m (£249m).

Moves announced by the US-based company will reduce the headcount by about 9,400 – about one-third of its workforce, reports the Financial Times.

In addition to losing about 8,000 jobs through divestments, the paper states that a further 1,300 employees would be lost through transfers, attrition and workforce reduction.

Agilent will jettison several business lines, including its cash-intensive semiconductor unit, which has suffered from sharp cyclical swings.

The company’s shares closed up by 12% in New York following the announcement.

 

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