The following is from today's NY Times/Associated Press:

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August 21, 2001

Agilent to Cut 4,000 Jobs
By THE ASSOCIATED PRESS

Filed at 11:39 a.m. ET

SAN JOSE, Calif. (AP) -- Shares of Agilent Technologies Inc. (news/quote)
were moderately higher in trading Tuesday even though the test and
measurement equipment maker lowered its outlook for the current quarter and
said it would eliminate 4,000 jobs.

The news came Monday as Agilent reported a third-quarter loss that was
narrower than Wall Street had expected.

Agilent's chief executive, Ned Barnholt, said the company appeared to be
``bouncing along the bottom.'' But he also said any recovery in some of the
company's key markets, such as communications and semiconductors, would be
``slow and gradual.''

``We do believe the turnaround is going to come,'' Barnholt said. ``It's just
hard to tell when it's going to happen.''

The job cuts amount to 9 percent of Agilent's worldwide work force of 43,000.
The move follows the company's decision in April to cut all employees' pay by
10 percent.

``This decision is one we don't make lightly,'' Barnholt said. ``This is by
far the worst industry downturn I've seen in my 34 years with the company.''

Palo Alto-based Agilent was spun off in 1999 from Hewlett-Packard Co.
(news/quote), which also just disclosed 6,000 layoffs of its own.

Agilent said the job cuts -- which will be imposed by the middle of next year
-- will save the company about $500 million a year. The company will take a
$200 million restructuring charge.

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Wirt Atmar

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