Months ahead of its planned closure in a $67 billion takeover by Dell, data storage technology firm EMC is planning to make layoffs. The news came in a regulatory filing made Thursday. EMC has an estimated 1,400 employees at operations around the Triangle.
Just how many cuts, if any, might be made in North Carolina is not known at this point.
Of its North Carolina employee base, an estimated 750 work at EMC’s RTP operation, according to an estimate in the Triangle Book of Lists.
Manufacturing, engineering, a huge data center in Durham, and research/development are part of the N.C. operations.
EMC said the layoffs will cost the company some $250 million.
Layoffs are expected to be completed for the most part by the end of the first quarter, the firm said in the filing.
Reported Bloomberg: “The action is part of a restructuring plan announced in July to reduce EMC’s costs by $850 million annually starting in 2017.”
EMC is based in Massachusetts.
The firm has some 70,000 employees.
The filing reads:
“On December 30, 2015, as part of the previously announced program to reduce our existing cost base by $850 million annually, and consistent with prior restructuring actions to keep pace with changes in the industry, EMC Corporation management approved a restructuring plan. The plan consists of a reduction in force which will be substantially completed by the end of the first quarter of 2016 and fully completed by the end of 2016. The total charge resulting from this plan is expected to be approximately $250 million, with total cash payments associated with the plan expected to be $220 million.”
Dell said it would acquire EMC (NYSE: EMC) in October. It’s one of the largest technology business acquisitions ever.
EMC is the 11th largest employer in RTP, according to the Book of Lists.
