350 jobs to be cut at Singapore facility. I believe they have employed about 1,000 people there:
MILPITAS, Calif.--(BUSINESS WIRE)--July 13, 1998--Adaptec, Inc. (NASDAQ:ADPT.O) has announced a 350-person reduction in force at its Singapore manufacturing facility. The number represents approximately 10% of the company's worldwide staff. This ongoing restructuring follows a predominately U.S.-based workforce reduction that occurred in April 1998.
Grant Saviers, Adaptec's chairman and CEO said, "Significant changes in the PC industry continue to impact almost every leading computer-related manufacturer, including Adaptec. This difficult but necessary step is one of many that will assist us in aligning expenses with revenue.
"Singapore manufacturing operations contribute significantly to the company's strong financial performance and they will continue to be a significant factor in our success going forward."
All Singapore employees affected by this action are eligible for full retrenchment benefits and will receive appropriate compensation, based on local labor, retrenchment and compensation laws.
The expenses associated with this action are part of the company's ongoing restructuring and will be incorporated in the previously announced $8-12 million restructuring charges being applied against Adaptec's first fiscal quarter, ended June 30, 1998.
Adaptec began manufacturing in Singapore in 1987, and has continuously invested in its employees and operations. Currently, a new manufacturing facility is under construction in Chai Chee Industrial Park, and is scheduled for operation later this year. |
