Seagate Technology to Cut Jobs
30 June 2016 - 7:30AM
Dow Jones News
Seagate Technology PLC said it would cut about 1,600 jobs, or
about 3% of its workforce, an announcement that follows
disappointing results for the third quarter ended April 1 and a
round of job cuts last year.
The Cupertino, Calif., company is a top producer of drives that
store data in personal computers, a market that has declined. It
has developed products in newer sectors such as cloud storage.
Seagate expected its restructuring moves would cut costs by
about $100 million annually. Seagate said it anticipates about $62
million of restructuring charges, primarily in the fourth
quarter.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
June 29, 2016 17:15 ET (21:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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