HP furloughed dozens of contract employees at its Corvallis printer supply factory for the last two weeks of July. The company appears to be responding to a slowdown in demand.
Another furlough is coming in September, according to a person with direct knowledge of HP’s plans, but it’s not clear if that will affect as many workers as this month’s.
Many of the people working in HP’s Corvallis factory are contract employees hired through staffing firms. HP furloughed at least several dozen contract employees for the last two weeks of the month, according to some workers, who say the total number affected may have been as high as a few hundred.
Furlough notices sent to the workers indicate they were out of work from July 18 through July 29. The next two-week furlough begins September 12 and runs through September 23 but may not affect every worker who was out this month.
HP didn’t respond to a message seeking comment.
HP’s Corvallis campus is home to both research and manufacturing. It’s where the company – then known as Hewlett-Packard – invented the inkjet printer in 1984. Printer sales have been dwindling for many years, and HP substantially downsized its Oregon operations in the years after the dot-com bust.
Printer demand surged early in the pandemic, though, as people stocked up on office equipment during a shift to remote work. That proved to be a temporary boost; HP said last month that printer revenue was down 7% in its second quarter and sales of supplies were down 6%.
Oregon has recorded very few layoffs since the pandemic recession ended. The jobless rate is near a record low, 3.6%, and the number of job vacancies in the state considerably outnumbers the number of people looking for work.
Oregon technology employment is at an all-time high, too, reflecting sustained growth at big tech companies that have outposts in the Silicon Forest.
This summer, though, there have been growing signs of unease among major technology employers amid concerns that soaring inflation and market disruptions in China, Ukraine and Russia may trigger a global recession.
Intel, for example, issued dismal second-quarter financial results Thursday and warned of a steep drop in 2022 revenue. The company blamed a weakening global economy for most of its woes and said it will slow hiring and reduce capital.
This article has been updated with information about pending furloughs in September.
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A new philanthropic project hopes to invest $100 million in 10 countries, mostly in Africa, by 2030 to support 200,000 community health workers, who serve as a critical bridge to treatment for people with limited access to medical care.
The Skoll Foundation and The Johnson & Johnson Foundation announced Monday that they donated a total of $25 million to the initiative. The Global Fund to Fight AIDS, TB and Malaria, which will oversee the project, matched the donations and hopes to raise an additional $50 million.
PALO ALTO, Calif., Aug. 01, 2022 (GLOBE NEWSWIRE) -- HP Inc. (NYSE: HPQ) (“HP” or the “Company”) announced today that it has extended the expiration date of the previously announced offer to exchange (the “Exchange Offer”) any and all outstanding notes (the “Poly Notes”) of Plantronics, Inc. (NYSE: POLY) (“Poly”) for up to $500,000,000 aggregate principal amount of new notes to be issued by the Company (the “HP Notes”). HP hereby extends such expiration date from 11:59 p.m., New York City time, on August 1, 2022, to 5:00 p.m., New York City time, on August 15, 2022 (as the same may be further extended, the “Expiration Date”).
At 5:00 p.m., New York City time, on July 18, 2022 (the “Early Participation Date”), the previously announced solicitation of consents to adopt certain proposed amendments (the “Amendments”) to the indenture governing the Poly Notes (the “Poly Indenture”) expired. The requisite consents were received to adopt the Amendments with respect to all outstanding Poly Notes at the Early Participation Date, and Poly executed the supplemental indenture to the Poly Indenture with respect to the Amendments on July 25, 2022. The Amendments will become operative only upon the settlement of the Exchange Offer.
The Exchange Offer is being made pursuant to the terms and subject to the conditions set forth in the offering memorandum and consent solicitation statement dated June 27, 2022 (as amended from time to time prior to the date hereof, the “Offering Memorandum and Consent Solicitation Statement”), and is conditioned upon the closing of the Company’s acquisition of Poly (the “Acquisition”), which condition may not be waived by HP, and certain other conditions that may be waived by HP.
The settlement date for the Exchange Offer will be promptly after the Expiration Date and is expected to occur no earlier than the closing date of the Acquisition, which is expected to be completed by the end of the calendar year 2022, subject to customary closing conditions, including regulatory approvals.
Except as described in this press release, all other terms of the Exchange Offer remain unchanged.
As of 5:00 p.m., New York City time, on August 1, 2022, holders validly tendered $490,556,000 in aggregate principal amount of Poly Notes pursuant to the Exchange Offer. Tenders of Poly Notes made pursuant to the Exchange Offer may be validly withdrawn at or prior to the Expiration Date.
Documents relating to the Exchange Offer will only be distributed to eligible holders of Poly Notes who complete and return an eligibility certificate confirming that they are either a “qualified institutional buyer” under Rule 144A or not a “U.S. person” and outside the United States under Regulation S for purposes of applicable securities laws, and a non U.S. qualified offeree (as defined in the Offering Memorandum and Consent Solicitation Statement). The complete terms and conditions of the Exchange Offer are described in the Offering Memorandum and Consent Solicitation Statement, copies of which may be obtained by contacting D.F. King & Co., Inc., the exchange agent and information agent in connection with the Exchange Offer, at (888) 605-1956 (toll-free) or (212) 269-5550 (banks and brokers), or by email at firstname.lastname@example.org. The eligibility certificate is available electronically at: www.dfking.com/hp and is also available by contacting D.F. King & Co., Inc.
This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders or consents with respect to, any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation or sale would be unlawful. The Exchange Offer is being made solely pursuant to the Offering Memorandum and Consent Solicitation Statement and only to such persons and in such jurisdictions as are permitted under applicable law.
The HP Notes offered in the Exchange Offer have not been registered under the Securities Act of 1933, as amended, or any state securities laws. Therefore, the HP Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933, as amended, and any applicable state securities laws.
About HP Inc.
HP Inc. (NYSE: HPQ) is a technology company that believes one thoughtful idea has the power to change the world. Its product and service portfolio of personal systems, printers, and 3D printing solutions helps bring these ideas to life. Visit http://www.hp.com.
This document contains forward-looking statements based on current expectations and assumptions that involve risks and uncertainties. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of HP and its consolidated subsidiaries may differ materially from those expressed or implied by such forward-looking statements and assumptions.
All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, but not limited to, any statements regarding the consummation of the Acquisition; the potential impact of the COVID-19 pandemic and the actions by governments, businesses and individuals in response to the situation; margins, expenses, effective tax rates, net earnings, cash flows, benefit plan funding, deferred taxes, share repurchases, foreign currency exchange rates or other financial items; any projections of the amount, timing or impact of cost savings or restructuring and other charges, planned structural cost reductions and productivity initiatives; any statements of the plans, strategies and objectives of management for future operations, including, but not limited to, our business model and transformation, our sustainability goals, our go-to-market strategy, the execution of restructuring plans and any resulting cost savings, net revenue or profitability improvements or other financial impacts; any statements concerning the expected development, demand, performance, market share or competitive performance relating to products or services; any statements concerning potential supply constraints, component shortages, manufacturing disruptions or logistics challenges; any statements regarding current or future macroeconomic trends or events and the impact of those trends and events on HP and its financial performance; any statements regarding pending investigations, claims, disputes or other litigation matters; any statements of expectation or belief, including with respect to the timing and expected benefits of acquisitions and other business combination and investment transactions; and any statements of assumptions underlying any of the foregoing. Forward-looking statements can also generally be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “will,” “would,” “could,” “can,” “may,” and similar terms.
Risks, uncertainties and assumptions include factors relating to the consummation of the Acquisition and HP’s ability to meet expectations regarding the accounting and tax treatments of the Acquisition; the effects of the COVID-19 pandemic and the actions by governments, businesses and individuals in response to the situation, the effects of which may give rise to or amplify the risks associated with many of these factors listed here; the need to manage (and reliance on) third-party suppliers, including with respect to component shortages, and the need to manage HP’s global, multi-tier distribution network, limit potential misuse of pricing programs by HP’s channel partners, adapt to new or changing marketplaces and effectively deliver HP’s services; HP’s ability to execute on its strategic plan, including the previously announced initiatives, business model changes and transformation; execution of planned structural cost reductions and productivity initiatives; HP’s ability to complete any contemplated share repurchases, other capital return programs or other strategic transactions; the competitive pressures faced by HP’s businesses; risks associated with executing HP’s strategy and business model changes and transformation; successfully innovating, developing and executing HP’s go-to-market strategy, including online, omnichannel and contractual sales, in an evolving distribution, reseller and customer landscape; the development and transition of new products and services and the enhancement of existing products and services to meet evolving customer needs and respond to emerging technological trends; successfully competing and maintaining the value proposition of HP’s products, including supplies; challenges to HP’s ability to accurately forecast inventories, demand and pricing, which may be due to HP’s multi-tiered channel, sales of HP’s products to unauthorized resellers or unauthorized resale of HP’s products or our uneven sales cycle; integration and other risks associated with business combination and investment transactions; the results of the restructuring plans, including estimates and assumptions related to the cost (including any possible disruption of HP’s business) and the anticipated benefits of the restructuring plans; the protection of HP’s intellectual property assets, including intellectual property licensed from third parties; the hiring and retention of key employees; the impact of macroeconomic and geopolitical trends, changes and events, including the Russian invasion of Ukraine and its regional and global ramifications and the effects of inflation; risks associated with HP’s international operations; the execution and performance of contracts by HP and its suppliers, customers, clients and partners, including logistical challenges with respect to such execution and performance; changes in estimates and assumptions HP makes in connection with the preparation of its financial statements; disruptions in operations from system security risks, data protection breaches, cyberattacks, extreme weather conditions or other effects of climate change, medical epidemics or pandemics such as the COVID-19 pandemic, and other natural or manmade disasters or catastrophic events; the impact of changes to federal, state, local and foreign laws and regulations, including environmental regulations and tax laws; potential impacts, liabilities and costs from pending or potential investigations, claims and disputes; and other risks that are described (i) in “Risk Factors” in the Offering Memorandum and Consent Solicitation Statement and (ii) in our filings with the SEC, including but not limited to the risks described under the caption “Risk Factors” contained in Item 1A of Part I of our Annual Report on Form 10-K for the fiscal year ended October 31, 2021, as well as in Item 1A of Part II of our Quarterly Reports on Form 10-Q for the fiscal quarter ended January 31, 2022 and the fiscal quarter ended April 30, 2022. HP does not assume any obligation or intend to update these forward-looking statements.
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The joint exercise by the Special Forces of both the countries is conducted alternatively between India and the United States to share the best practices and experiences in areas such as joint mission planning and operational tactics.
"The 13th Edition of the Indo-US Joint Special Forces exercise "Ex Vajra Prahar 2022" commenced at the Special Forces Training School (SFTS), Bakloh (HP) today," the Indian Army said in a press release.
The US contingent is represented by personnel from the 1st Special Forces Group (SFG) and Special Tactics Squadron (STS) of US Special Forces and the Indian Army contingent is formed by drawing Special Forces personnel under the aegis of SFTS.
The Vajra Prahar series of joint exercises aims to share best practices and experiences in areas such as joint mission planning and operational tactics as also to Improve inter-operability between the Special Forces of both Nations.
This annual exercise is hosted alternatively between India and the United States. The 12th edition was conducted at Joint Base Lewis Mcchord, Washington (USA) in October 2021.
During the course of the next 21 days, teams of both armies would jointly train, plan and execute a series of Special Operations, Counter Terrorist Operations, Air Borne operations in simulated conventional and unconventional scenarios in mountainous terrain.
This joint exercise is a significant step in strengthening the traditional bond of friendship between the special forces of both Nations as well as Improve bilateral defence cooperation between India and the USA.
Bilateral military exercises and defence exchanges are an important facet of deepening bilateral defence cooperation between friendly countries.
During such events, the armies of participating nations jointly train, plan and execute a series of operations for neutralisation of threats of varied nature with a common aim of countering threats of international terrorism through mutual training and jointness. (ANI)
For a long time, boutique builders have been the only way to get a desktop PC that you could quickly service yourself. Over the last few years, HP’s Omen gaming brand has made considerable strides to incorporate easily upgradable and replaceable components and standardized parts into its line of gaming PCs. Admittedly, this approach inherently risks turning a computer into yet another beige box PC that look like every other desktop. For that reason, I was excited to hear that the upcoming Omen 45L would feature HP’s existing Omen design language, with a user-friendly, slightly custom design. On paper, the HP Omen 45L strikes a perfect balance between mainstream accessibility and unique compared to the rest of the field. HP sent me an Omen 45L for review, the first HP gaming desktop from a major OEM I’ve used in a very long time. Today I’ll share my main takeaways from my experience with the system.
As configured, my HP Omen 45L was spec’d to the gills with an Intel i9-12900K, 64GB of HyperX DDR4 RAM, 2TB WD Black NVMe SSD and an NVIDIA RTX 3090 GPU. Regardless of the configuration, it ships with an 800W 80 Plus Gold-rated PSU and a case with a Cryo Chamber—one of the main reasons why I was excited about the desktop. The Cryo Chamber isolates the 12900K and the rest of the system components, allowing them to cool separately from the radiator. This design also allows plenty of airflow around the GPU and RAM to ensure the components don’t affect the CPU’s cooling. Additionally, I can attest that the gap between the Cryo chamber and the main chamber of the case serves nicely as a handle, making it easier to carry. As configured, the system’s MSRP was $4,049.99, but it is currently on sale for $3,549.99 (as of July 15th, 2022). It was an interesting choice to see HP go with DDR4 on this system as the Intel 12th Gen processors and Z690 motherboards are also capable of DDR5. I believe that HP likely made this decision mostly due to cost.
In addition to the desktop, HP completed the Omen gaming experience by sending me the Omen 27c monitor and HyperX keyboard and mouse. As far as the Omen 27c monitor’s specs go, I think it’s a very nice monitor. However, I do think HP should offer a higher tier monitor beyond the 1440P curved and 4K 27” monitors it offers today. The 27c monitor fits in with the 25L, 30L and 40L Omen PCs. HP needs a bigger, higher quality gaming monitor, like the Omen X Emperium it developed three years ago as a part of NVIDIA’s line of BFGD TVs. While those BFGDs were admittedly a bit overpriced and underwhelming, there are just so many epic gaming monitors out there now. I’d love to see HP throw its hat into the ring with a halo monitor product.
The Design and Build Quality
The overall design and build quality of the Omen 45L was quite good for a major OEM, though the bar admittedly isn’t very high. The nice thing is that HP designed the case itself for the Omen, allowing it to really fit nicely into the overall Omen design language. The Omen 45L is elegant, but simple. The same could be said for the 27c monitor, which had lots of very square and angular aspects to it. I love the nod to the Omen brand in the RGB logo on the front along with the 3 RGB ring fans. It was an interesting choice for HP to not go RGB on the rear exhaust fan while the other fans and CPU block have RGB and I think for a small increased cost it would Improve the complete system appearance. Overall, I think the design and integration of the Omen 27c monitor complements the desktop extremely well.
Featuring a blend of brushed metal with glass, the quality of the case itself felt extremely high. That said, I thought the power button was in an odd location and could have been larger and had a more tactile feel. I appreciated HP’s use of a GPU bracket to secure the GPU during shipping and to prevent sagging. However, I believe using the bracket to also route the power cables would have given the system a cleaner appearance. If not that, sleeved power cables would have been nice to Improve the premium feel of the system. The previously mentioned RGB Omen-branded CPU cooler is a very nice touch and fits in very well with the overall design language. Still, if you can see it, you end up seeing a lot of the other power and fan cables that aren’t sleeved. It looks a bit like something someone would have built at home without much attention paid to the appearance of cables. This has generally been a problem with many PC OEMs of varying sizes, but boutiques tend to get this part right most of the time. I would welcome HP to look at what boutique builder Maingear has done with its Stealth technology in collaboration with Gigabyte. HP could help it grow as a standard, making cleaner desktops a more cost-effective and common thing.
HP’s system design has four USB ports on the front with only two 5 Gbps ports and six USB ports on the back with two USB 2.0 Type-A ports, one 5 Gbps and one 10 Gbps Type-A ports and the same speed Type-C ports. I think that in this regard HP is just hitting the bare minimum of what’s necessary and should try to do better with that. Sure, I have seen many other major OEMs do the same thing on the rear I/O ports, but ultimately HP Omen should be different. As a gamer myself, I can never have enough USB ports on the back of my machine. Having just built my own Z690 system, the ASUS ROG board had considerably more and faster USB ports. I think a lot of users will be pretty disappointed once they find out how much slower their PC is compared to boutique and custom PCs and how many less ports they have in comparison.
Hands on Experience
The setup was extremely easy and simple, and I really liked that the system was up-to-date when it arrived. I also appreciated that it didn’t feel necessary to set up an account with the Omen Gaming Hub. Speaking of the Omen Gaming Hub, it was nice to have the ability to manage both the desktop and monitor from a single place. That includes the light controls, though I think they could be a little more user friendly and granular. As far as the Omen Light Studio specifically goes, I think it would be nice to have HyperX software built-in so that people who buy HyperX accessories for their HP Omen PC don’t need to load any additional software.
A system with these specs isn’t going to have any trouble playing the latest games, especially since it was attached to a 1440P 27” monitor. Honestly, the 3090 was almost overkill for every game at that resolution; I had no issues running all my games, including Battlefield 2042, at max settings without a single glitch. I would probably recommend the 4K Omen 27 monitor or a Samsung Odyssey G9 if you really want to push the NVIDIA RTX 3090 to its limits. The Omen 27c monitor that HP shipped to me with the system was a nice gaming display, but I was quite surprised by the amount of edge backlight bleed. I would have expected more from a high-end monitor.
The HP Omen overclocking utility uses Intel XTU to benchmark and set performance, with a single-click ‘Turbo Mode’ that allowed me to increase the RAM performance from 3200 MT/s to 3733 MT/s. This delivered a negligible performance increase compared to overclocking the CPU, which requires more granular and painstaking increases of the CPU clock speed. I don’t recommend overclocking a system you want to last you a long time; usually, the risk outweighs the benefits. That said, the Omen 45L has enough cooling for users to push the clock speed a little more; I’d like to see HP offer more automatic overclocking like we see from some of the motherboard vendors.
Regarding genuine gaming performance, I played Battlefield 2042 online in a 64-person server at ultra settings. I got an average of 105 fps, so I probably occasionally hit the limit of this monitor in less graphically intensive scenes. Overall, if you plan to max your games out at max settings, the 1440P monitor may be a great fit if you have a powerful GPU inside like an RTX 3080 or 3090 (HP Does not offer AMD GPUs on this system). Regarding temps during heavy gaming sessions, the GPU peaked at 73C and the CPU around 68C, which makes sense when you consider the sheer size of the radiator in the Omen 45L’s ‘Cryo Chamber.’ The design of the 45L enables the GPU to get ample fresh air without interfering with the CPU’s fresh air, enabling both to run cool and quiet during gaming sessions. I did not get to evaluate HP’s support as I did not encounter any issues, but I consider that to be a good thing for this review.
HP’s Omen 45L impressed me on paper when it was first announced, and it’s quite clear that it is even more impressive in real life. While the Omen 45L is quite large, that is also what enables it to be such a powerful, cool and quiet gaming powerhouse. With a top-spec machine utilizing the latest and greatest chips from Intel and NVIDIA, it is a competent gaming machine that looks great and is reasonably priced for a major OEM. That said, I think that gamers will balk at the lack of I/O on the back of the machine, which is inferior to a boutique or custom-built machine. Even compared to Dell’s Alienware Aurora R13 and R14, it has considerably fewer and slower ports on the front and back. I would also like to see HP integrate HyperX more into the brand and user experience, so it is easier for users to manage all their hardware in one place. I’m genuinely excited about what HP has done with the Omen 45L, and it is among the top of my recommendations for a major OEM system but as always, there is still room for improvement.
Note: Moor Insights & Strategy writers and editors may have contributed to this article.
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