EMC announces cost of job cuts in advance of Dell takeover

EMC Corp., the data-storage equipment company being acquired by Dell Inc. for about $67 billion (Dh246.03 billion) in the biggest technology deal ever, said its previously announced job cuts would result in an estimated $250 million charge.

The workforce reduction is expected to be “substantially completed” by the end of the first quarter of 2016 with all the cuts finished by the end of the year,” Hopkinton, Massachusetts- based EMC said Thursday in a regulatory filing.

EMC didn’t specify the number of jobs being cut. The action is part of a restructuring plan announced in July to reduce EMC’s costs by $850 million annually starting in 2017.
Source: Gulf News