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Seagate to cut 1,100 jobs

Storage specialist Seagate is axing 1,100 positions as part of a cost cutting drive that should generate annual savings of around $125m.

The...

Storage specialist Seagate is axing 1,100 positions as part of a cost cutting drive that should generate annual savings of around $125m.

The jobs total about 2.5% of the supplier's workforce and have been cut in order for the company to hit its targets of keeping its costs under $300m a quarter.

Seagate said in a statement that it would complete the restructuring by July and take a $72m restructuring charge.

"Since the beginning of fiscal year 2009, and including today's announcement, the company has reduced its global headcount through attrition and restructuring, resulting in a reduction in the company's labour costs in excess of 25%," it said.

"Seagate continues to assess options to further reduce manufacturing operating costs."

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