Seagate Expands Job Cuts to 6,500 as PC-Component Market Suffers
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Seagate Technology Plc, a maker of disk drives for computer storage, expanded plans to cut jobs to 14 percent of the workforce, seeking to reduce costs to weather a prolonged slump in demand.
The company will eliminate about 6,500 positions by the end of fiscal 2017, according to a statement. Cupertino, California-based Seagate had previously indicated workforce cuts of about 3 percent, or 1,600 jobs, and the stock rallied as much as 13 percent on news of the broader restructuring. The moves will result in pretax charges of about $164 million next year.