HP Inc. says it will cut 16% of jobs across the world as part of a restructuring effort.
Bloomberg reports the company will slash 7,000-8,000 jobs through a mix of early retirement packages and firings.
Data provided by the Boise Valley Economic Partnership says HP Inc. has 1,000-2,000 employees in Boise. A separate company that split off in 2015, Hewlett-Packard Enterprise, has 500-1,000 employees according to BVEP. BVEP puts HP in the top 10 in number of employees in the region.
HP hopes to save $1 billion through 2022 according to Bloomberg. In a news release, HP said it hoped to “simplify its operating mode and become a more digitally enabled company.”
The company did not publicly lay out details on its changes.
The State of Idaho purchased the large HP campus on Chinden Blvd. from the company in 2017 for $110 million. Part of the deal included a leaseback provision. That allows HP to maintain its presence on the campus with a seven-year lease. The company has about five years remaining on that agreement, with options to renew.
HP once employed more than 7,000 people at the Boise campus, a significant anchor to the Boise economy. The company, along with Micron Technology, both saw workforces shrink in recent years.
The Boise division brought a history of innovation to the company, including the 1992 debut of the LaserJet 4. That product that shipped millions of units.
The company still hosts a ‘welcome center‘ on the campus. It touts it as “the only site in the world where you can see future LaserJet and PageWide products in development and testing.”
A spring report by the Brookings Report talked about HP’s prominence in the community and the loss of momentum the city faces from the decline of HP and Micron and failure to backfill all of the high-paying jobs.
Last month, Boise-based Motive Power’s parent company announced it would pull up stakes and move all of its jobs out of the area.