Seagate announced Thursday that it has initiated a restructuring plan that includes laying off approximately 1,100 employees, or 2.5 percent of the company's global workforce.
According to the hard-drive maker, this reduction is required to support a targeted product development, marketing, and administrative costs of less than $300 million per quarter. In addition, it will also help position the company to be cash flow and earnings positive within its fiscal year 2010.
Seagate expects the layoffs to be completed by the end of July and result in total pretax restructuring charges of approximately $72 million. These charges, … Read more