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Hewlett-Packard to Shrink Office Space

Forging ahead with its companywide restructuring plan, Hewlett-Packard (HPQ - Get Report) announced Thursday that it will consolidate its sprawling array of worldwide offices.

The move is intended to reduce real estate costs by consolidating several hundred locations into "fewer core sites," H-P said in an announcement. The company did not disclose the amount of savings it expects to reap from the move.

H-P said it will close certain sites or floors in buildings that it owns and relinquish floor space in leased locations.

As of Oct. 31, 2005, H-P owned or leased approximately 65 million square feet of space worldwide, including administrative and manufacturing facilities, according to its annual report.

The real estate consolidation is the latest in a string of actions undertaken by CEO Mark Hurd designed to cut the company's costs and streamline operational efficiencies.

A key aspect of the plan includes layoffs of more than 15,000 H-P employees, or 10% of its workforce. The move is expected to save the company some $2 billion in fiscal 2007.

Shares of H-P were up 1%, or 32 cents, at $33.09 in late trading Thursday.

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