Massive layoff being announced tomorrow, significantly more than the November RIF.
The writing is on the wall. They plan to decrease the footprint in FRC then in LCO. Then both will eventually close. R&D will move offshore and manufacturing to MN. Wuxi will close . 5,000 + jobs cut. Prepare yourself.
They announced this today
Restructuring Plan
On April 20, 2023, the Company committed to a restructuring plan (the “Plan”) to reduce its cost structure in response to changes in macroeconomic and business
conditions. The Plan is intended to align the Company’s operational needs with the near-term demand environment while continuing to support the long-term
business strategy. The Plan, which the Company expects to be substantially completed by the end of the fiscal fourth quarter 2023, is expected to result in total
pre-tax charges of approximately $150 million. The charges are expected to be primarily cash-based and consist of employee severance and other one-time
termination benefits. The Company expects to realize run-rate savings of approximately $200 million on an annualized basis starting in the fiscal first quarter
2024
Compare that with this and you see it will be much more drastic even though no job cut numbers listed.
Restructuring Plan
On October 24, 2022, the Company’s Board of Directors approved and committed to a restructuring plan (the “Plan”) to reduce its cost structure to better
align the Company’s operational needs to current economic conditions while continuing to support the long-term business strategy. The Plan includes reducing its
worldwide headcount by approximately 3,000 employees, or 8% of the global workforce, along with other cost saving measures.
The Plan, which the Company expects to be substantially completed by the end of the fiscal second quarter 2023, is expected to result in total pre-tax charges
between $60 million and $70 million. The charges are expected to be primarily cash-based and consist of employee severance and other one-time termination
benefits.
The Company expects to realize run-rate savings of approximately $110 million on an annualized basis starting in the fiscal third quarter 2023.
Announcement?
Seagate scrambling to exit China due to trade war and huawei banned
R&D move to Singapore with Wuxi shutdown? It does not make a sense.
Lol, they censored whis.key.
Or wh----y.
Prophecy or heads-up?