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05.13.2009 - Seagate Restructures To Further Reduce Operating Costs

View Seagate-Technology related news. SCOTTS VALLEY, Calif. - May 13, 2009 - Seagate Technology (NASDAQ: STX) today announced it has initiated a restructuring plan that includes a reduction of approximately 1,100 employees or 2.5% of the company’s global workforce. This reduction is required to support a targeted run rate of product development and marketing and administrative costs of less than $300 million per quarter and to position the company to be cash flow and earnings positive within its fiscal year 2010.

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NID: 28318 / Submitted by: TACKtech Team
Categories: Press Release
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