Seagate to cut 2,940 jobs

[NNN0LHI]

http://www.kentucky.com/mld/kentucky/business/technology/8827957.htm

DRIVE MAKER RESPONDING TO FALLING PRICES, MARKET SHARE

By Dan Lee

Mercury News


Seagate Technology said Wednesday that it is cutting about 2,940 jobs, or 7 percent of its global workforce, in an effort to lower costs as disk-drive prices fall and the company's market share shrinks.

The No. 1 disk-drive maker did not specify where the job cuts will fall.

The job reductions, announced in a conference call with analysts Wednesday, are part of a plan approved by Seagate's board to slash annual operating costs by $150 million. The company, incorporated in the Cayman Islands and operated from Scotts Valley, will also take a restructuring charge of $50 million in the current quarter.

About 2,100 of Seagate's 42,000 employees are in the Bay Area, with locations in Scotts Valley, San Jose, Fremont and Milpitas. The local jobs include administration, sales, marketing, engineering and manufacturing, according to company spokesman Brian Ziel.

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[Don_G]

1. What The Hell

The Multi-Billion Dollar contract that Dimbo's minions awarded to the Federal Government for National Security is also run out of a PO Box in the Bahamas.

Offshore our jobs, offshore our tax base, offshore our "national security"....

[crossroads]

2. Hoping *each* one of those jobs belong to Repugs...

that'll teach em!
:eyes: