By the end of July
Cayman hard drive maker Seagate has announced a new round of layoffs, to be completed by the end of July.
Around 1,100 employees will be shown the door, and the company will
incur restructuring charges of around $72 million due to severance
payments. In the long run, the move is expected to save Seagate $125
million annually.
Since July 2009, Seagate has shed a quarter of its workforce cost, and
says it will continue to assess its option to further reduce operating
cost. In the last quarter the company reported a $273 million loss on
$2.1 billion of revenue.
More here.
