Agilent Employees to Take 10% Pay Cut in Slowdown

Network testing equipment maker Agilent Technologies Inc. said it is slashing all 48,000 employees’ pay by 10% to help weather a worsening slowdown in demand and warned it will miss its second-quarter sales forecast. Agilent, which was spun off from Hewlett-Packard Co. in 1999, said the pay cuts were being imposed to avoid layoffs. The cuts began Sunday for Agilent’s senior management and will extend to the rest of the work force May 1, lasting at least through July 31. Palo Alto-based Agilent said in February that orders had slowed significantly, especially for its semiconductor test products and wireless and imaging components. The picture has become even grimmer, with major customers such as communications, computing and electronics companies sharply reducing demand.