From 2009, but stx playbook during times of crisis like coronavirus. Seems reasonable. unexpected?
http://m.startribune.com/seagate-to-cut-workforce-1-100-jobs-or-2-5/44947122/
Hard-drive maker Seagate Technology said Wednesday it plans to cut about 1,100 jobs, or 2.5 percent of its global workforce, as part of a restructuring plan.
Seagate said the cuts are needed to reduce costs and help the company reach its goal of becoming cash-flow and earnings-positive in fiscal 2010.
The 1,100 jobs Seagate is eliminating are from its worldwide employee base of 44,000. The company said the majority of the cuts would be made in the United States, but it declined to say how many.
Seagate also declined to say how many employees would be laid off in the Twin Cities area, the company's largest U.S. location, with 3,100 employees in Bloomington and Shakopee.
The Bloomington and Shakopee plants already were hit by a January layoff, in which Seagate cut 2,950 jobs worldwide, including 800 in the United States. Seagate's Twin Cities-area employment has dropped by 285, or 8 percent, since September.
The restructuring plan, which is expected to be largely complete by the end of July, is expected to result in about $72 million in pretax charges. The charges will primarily be incurred in the June 2009 quarter and consist mainly of employee severance costs that are expected to be mostly paid in the September 2009 quarter.
The restructuring plan is expected to generate savings of about $125 million a year, Seagate said.
ASSOCIATED PRESS