H-P Plans Changes, But Without a Shift In Strategy

Battling cheaper rivals, bloated costs and its own laggard stock, Hewlett-Packard Co. yesterday announced plans to make the big computer and printer manufacturer more efficient. But it won't be through a major shift in strategy.

Instead, H-P will eliminate thousands of employees and cut pension benefits at the Palo Alto, Calif., company. H-P also plans to simplify the structure of its sales force.