Electronic Data to Cut Jobs, Sell Businesses

Electronic Data Systems Corp. said it would eliminate about 2,700 jobs, a 2% cut, and sell some businesses to reduce debt.

Costs for the job cuts and asset write-downs will shave 58 cents to 64 cents from per-share profit in 2003, and the reductions will save about $230 million a year before taxes, the Plano, Texas-based company said. Chief Executive Michael Jordan plans to raise about $250 million in cash in 2003 by selling businesses.

Electronic Data shares rose $1.70, or 7.6%, to $24.20 on the New York Stock Exchange.