Craig Nordlund (pictured below), general counsel at Agilent Technologies since its spin-off from Hewlett-Packard in 1999, and before that the GC at HP since 1987, is retiring from the Palo Alto instruments maker sometime before the end of its current fiscal year in October, Read the rest of this entry »
The “impacts of future restructuring” that Agilent Technologies hinted at last week took on more shape today when the company filed its plans to layoff 500 employees, or about 3 percent of its full-time staff, along with 300 temporary workers.
The company also said it would be implementing a temporary pay Read the rest of this entry »
Agilent Technologies, the electronics instrument maker spun-off from Hewlett-Packard, joined a list of companies lowering forecasts “in response to deteriorating economic conditions, particularly in electronic measurement markets”, according to a regulatory filing made today.
The company said sales for its fiscal 2009 first quarter ending in January would be between $1.25 to $1.30 billion, down as much as 10 percent from the year-before quarter, and nearly 7 percent below its previous guidance.
Net profit, excluding some items, is expected to range from 28 to 32 cents per share, down more than 15 percent from previous guidance. The “some items” being excluded related “primarily the impacts of future restructuring and asset impairment charges” and “pertain to events that have not yet occurred.” Uh-oh.
Agilent Technologies disclosed on Monday that it had received a notice from Merrill Lynch requiring the company to repay $1.5 billion three years ahead of schedule.
The notice does not signal a liquidity crisis at Agilent, which has $3 billion in restricted and unrestricted cash on hand, according to Rodney Gonsalves, an Agilent spokesman. However, the notice marks one of the first signals that the broader credit crunch
is beginning to be felt by Silicon Valley companies.
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