HP Inc. said Thursday it plans to eliminate between 7,000 and 9,000 jobs in the coming year as part of a $1 billion restructuring plan.

The cuts will come “through a combination of employee exits and voluntary early retirement,” HP said in a written announcement. That represents a cutback of up to 16% of HP’s total workforce of 55,000.

Once among Oregon’s major employers, HP still has substantial research sites in Corvallis and Vancouver, Washington. It’s been years since the company disclosed how many people worked at either site, and it’s not clear how severely the pending cutbacks will affect each site.

HP is a descendant of the Silicon Valley legend Hewlett-Packard Co. It was created in 2015 when the company split in two; HP inherited the original company’s computer and printer divisions, difficult businesses in an era when people print fewer documents and in a computer market where it’s difficult to stand out.

The California company reported $43.3 billion in revenue during the first nine months of its current fiscal year, on par with results in fiscal 2018. Profits were down sharply, though, from $3.9 billion, $2.38 a share, to $2.8 billion, $1.80 a share.

HP said severance and related costs associated with the job cuts will cost the company $1 billion by the end of 2022, but HP said it expects the cutbacks will save the company $1 billion annually after that.

“We are taking bold and decisive actions as we embark on our next chapter,” said Enrique Lores, who will become HP’s CEO with the pending exit of Dion Weisler. Weisler announced in August he is leaving the business “due to a family health matter.”