HP, which has major operations in both Oregon and Washington, announced Wednesday that it is laying off 27,000 employees, or approximately 8 percent of its workforce. According to HP, the move is part of a "multi-year productivity initiative", and will save it $3.0 to $3.5 billion annually in its fiscal year 2014. HP did not say how many of those employees are based in Oregon, but did say that the cuts are company-wide and will vary by country based on local legal requirements. HP has major operations in Corvallis, Oregon and Vancouver, Washington.