Rumors
31 replies (most recent on top)
The concern is if transferred to the new company your hire date gets reset and then layed off right away with no severance…. heard it happened with the Broadcom SoC deal. If not I agree it would be nice change of scenery or break
Deal could be for the better for people who are tired of the current toxic and gloomy environment. A paid layoff would work wonders or working for a company that is actually interested in building great systems would be a welcome change.
Deal could easily be on still, just a better job plugging the leaks
Seagate asked for too much, deal went cold,
Is this rumour or real? Suddenly went cold case.
No news is good news? You never know at Seagate! But remember they focus on the employee.
It sure went quiet after the blazing rumor swept through, wondering if this is good or bad?
Systems not really mentioned in today’s all hands. Good luck mates.
Unionizing a mostly exempt workforce? How does that work?
I heard some people are thinking of quickly unionizing the Systems group. Three employees are already working with a union organizer to start this process.
Heard the systems division is safe... for now...
I am anxiously waiting for the CEO to say that everything is going well with the systems business in the upcoming all-hands meeting. I don't think he has the guts to admit they're getting rid of a division.
Sanmina has Viking as a subsidiary which competes in the same verticals. Could very well be Sanmina.
Any thoughts on who the buyer is? I doubt a CM like Sanmina could be the potential buyer..
Currently no timeline, still a lot of negotiating and Q&A. Supposedly no contracts have been signed. No word on overseas people/equipment. Buyer still digesting the numbers and seeing if it works for them. Either way, sounds like Systems turns a profit but is 'not economically viable' enough to keep.
Things seem to have gone quiet, this does not mean things are not happening in the background.
Deal being negotiated, Seagate wants to dump as many employees as possible but new company not buying it. RSU’s that are not vested may be cancelled, another dirty move. Deal may not be complete before end of current quarter.
I'm somewhat surprised that your gross margins are expected to go up in March despite revenues coming down and despite the capacity addition. So, just talk about what's going well or what's offsetting what I think are headwinds sequentially in March quarter that's enabling gross margins expansion?
If anyone want's to buy this mess. He-l of a business plan. Ugh..
Never heard of it
I highly doubt that the new company is keeping anyone outside the core development engineers.
Those impacted will join a new company, and meet new colleagues. They only have to prove themselves to the new employer. Doesn’t it sound good? If you were given a choice, Seagate or a FAANG company, which do you like?
No, this is how Seagate plays dirty. You become an employee of the new company with zero years of service. So, yeah the company sc--ws it's own employees out of severance and removes that liability cost that would occur in a regular lay off. Please please please never believe this company cares about you.
If true, will they offer severance if not chosen to move to new company?
Vikings - Sanmina
Clock is ticking, good luck mates.
Some NDA’s have been signed already. But word got leaked. Unsure of time frame. If true, beware of same thing that happened to group that went to Broadcom, their hire dates were reset then the got laid off by Boroadcom, what a dirty move indeed. These two companies should be reported to the department of labor or be all over social media and be exposed for what they are.
Executives have been pushing ESPP hard. Now we know why. CEO stock fraud.
BTW the company has a history of doing this. Back in 1997 they started a suspension manufacturing business only to close it a couple of years later when vendors lowered prices. That was the real objective. It was never serious about vertical integration. It never has been. It's all been decoy moves with other agendas not related to starting a real sub-business over the history of this company. Look at Lyve, look at LSI, look at SSD, look at Lidar. See a pattern?
Seagate was never serious. It either needs significant investment at this point to grow or if not it should probably be sold now while it can still break even and has some value. Unfortunately Seagate is a tight wad with putting up money for capital which would be required for growth. We can't even get sufficient capital to grow our core manufacturing at this company. Right now Seagate is losing business simply because it can't get drive manufacturing lines and systems operational after being shut down. The company is only serious about paying a dividend above anything else. So, in summary yes systems will be liquidated in the near future.
Timeframe?
That is the rumor and it is more than a rumor.