Normally retrenchment will be 2 weeks after the Q3 results release.
It is estimated to be 6000+ people to be laid off. Hard to imagine...
14 replies (most recent on top)
This is straight from the Q3 10-Q just released:
During the March 2023 quarter, the Company recorded $355 million of held for sale land and buildings (collectively, the “properties”) which was included in Other current assets on its Condensed Consolidated Balance Sheet. Of the assets held for sale balance as of March 31, 2023, $243 million and $112 million are located in the Americas and in Asia, respectively. Depreciation related to the properties ceased as of the date these were determined to be held for sale. The sales of the properties are expected to be completed within one year, subject to customary closing conditions.
I've heard Longmont building also was sold.
I've heard they have sold pretty much all the buildings except the ones in Minnesota. Who can confirm?
Fremont was sold for $243 mio
SSDC was sold for $112 mio
while they not mention the exact locations, this is my best guess but feel free to chime in..
Source: Today's posted 10-Q https://d18rn0p25nwr6d.cloudfront.net/CIK-0001137789/7c6b1a7c-932e-499f-bcd7-72d3eb5a41ad.pdf
I guess we need to move to the moon.
Does anything useful get done in LCO or FRC?
I've heard they have sold pretty much all the buildings except the ones in Minnesota. Who can confirm?
"This round they've $150-200m set aside for 25% up to 9000 employees?"
You got it. Only hope is that that restructuring budget contains also allocations for buildings & equipment. The new 10-Q still isn't posted yet. Assume they hit us soon with another late night 8k laying out the details. Also, on June 1, 37 days from now $540mio outstanding principal debt is due. May & June will be fun....
LCO to close. FRC to close. TCO to remain the largest US design center.
FRE should shut down .. i think the sale of that site will generate the revenue needed to pay shareholders divdend
Seagate Technology Holdings plc (STX) said its Board approved and committed to a restructuring plan to reduce cost structure. The Plan includes reducing worldwide headcount by approximately 3,000 employees, or 8% of the global workforce.
Last round of layoffs $50m was Set aside for 8% approximately 3,000 employees.
This round they've $150-200m set aside for 25% up to 9000 employees?
"Wuxi will be shutdown.
I've heard they want to target STST and move tools to NRM".
Highly doubt it STST is now the cheapest head manufacturing site thanks to strong Dollar to GBP and cheap labour with non existent benefits for shop floor employees. Investments in STST are heavily subsidised by government funding too. New tools are still currently being installed on site as we speak. Big Dave was here today and gave it the thumbs up.
Fremont will become non existent. LCO will be a heavily impacted US site.
Wuxi will be shutdown.
I've heard they want to target STST and move tools to NRM.
Wuxi drive operation and Singapore recording media operation are hardest hit