Dell is to shut a manufacturing plant for what is believed to be the first time in its 24-year history as it struggles to slash costs and rebuilt its profit margins.

The closure of the plant - which assembles PCs - is located in Austin, Texas, Dell’s headquarters, will result in the loss of some 900 jobs. The move is part of what Dell characterised as an attempt to wipe $3bn from its annual operating costs, which last year topped $50bn.

The PC maker also said it was considering alternatives for part of its financial services division, and that it may sell the business. The financing arm was set up as a joint venture with finance company CIT more than a decade ago but Dell assumed full control of the venture late last year, leaving it in a position to consider different strategic options for the business.

Dell was looking at options only for that part of the business that provides credit to support consumers purchases of its equipment, not the operation that handles lease finance for larger corporate customers.

Dell recently assessed the value of the entire financing arm at around $1bn, given its purchase of the remaining 30 per cent of the company from CIT at the end of last year for $306m.

News of the plant closure and possible sale, announced on Monday, come ahead of Wednesday’s widely-anticipated financial analysts event that will mark Dell’s first meeting with Wall Street in three years. The company’s financial communications were restricted during an SEC investigation into its accounting.