EMC says it will 'restructure' and do another round of layoffs at the beginning of 2016
It did not say how many people it will be cutting. It did say that the cuts would cost it about $250 million and that this was part of its previously announced plans to trim $850 million annually from its expenses.
Here is what it's saying about the upcoming restructuring:
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.
EMC told investors of its plan to cut expenses by $850 million, which it said would include job cuts, back in July.
At that time, EMC said it would start by snipping $50 million in the fourth quarter of 2015, including an unnamed number of layoffs.
In October, Dell announced plans to buy EMC for a massive $67 billion, the largest tech acquisition ever. But Dell's plans to finance the deal are complicated and could result in Dell taking on nearly $50 billion in debt.
Dell is spinning off units and looking to sell other various chunks of itself to help reduce the debt burden.
So, Dell acquisition or not, EMC is clearly continuing its plan to cut its own expenses, and its workforce.