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Seagate to cut 1,100 additional jobs
Following a massive round of layoffs earlier this year affecting 800 workers, hard drive maker Seagate has announced it is cutting a further 1,100 jobs as it moves to lower costs and return to profitability. The latest layoffs, to be completed by the end of July, will result in restructuring charges of around $72 million (largely from severance payments) but should also represent some $125 million in annual savings for the company.
In its most recent quarter, Seagate reported a net loss of $273 million on $2.1 billion of revenue. That followed a $496 million net loss during the previous quarter and the closure of several facilities. Since the beginning of their fiscal year 2009 last July, the company has shed more than one quarter of its workforce costs, and says it will continue to “assess options to further reduce manufacturing operating costs” in the months ahead.
In its most recent quarter, Seagate reported a net loss of $273 million on $2.1 billion of revenue. That followed a $496 million net loss during the previous quarter and the closure of several facilities. Since the beginning of their fiscal year 2009 last July, the company has shed more than one quarter of its workforce costs, and says it will continue to “assess options to further reduce manufacturing operating costs” in the months ahead.
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