Hewlett-Packard announced a significant reorganization Wednesday of its most profitable division, paring five groups down to three within the printing and imaging division, according to published reports.
HP would not comment on whether jobs cuts would accompany the reorganization, but an HP representative told The New York Times and San Jose Mercury News that a "rebalancing" of its workforce would likely occur. The three new groups will focus on consumers and small businesses; large enterprises; and graphics that cater to large-scale printing of billboards, signs and professional photography, the Times reported.
The reorganization, announced by Vyomesh Joshi in an internal memo, is part of an effort to expand its business from computer printers to a wider range of printing activities. Joshi will remain the head of the division.
"We're moving from being a printer company to a printing company," spokesman Ryan Donovan told the Mercury News.
In May, HP reported that the division earned $2.38 billion on revenue of $14.9 billion in the first six months of its fiscal year.