ADPT Trimming Storage Systems Division:
biz.yahoo.com
[First GS, then GS' pet. Board intent on riding SCSI into the dust?]
Friday August 14, 4:14 pm Eastern Time
Company Press Release
Adaptec Announces Storage Systems Division Reduction in Force
MILPITAS, Calif.--(BUSINESS WIRE)--Aug. 14, 1998--Adaptec Inc. today announced a workforce reduction within the Storage Systems Division, a move designed to reduce Adaptec's operating expenses and focus the company on its core business strengths.
Approximately 100 employees, or 4% of the worldwide workforce, will be laid off as a result of this decision.
Adaptec's interim CEO Larry Boucher said, ''This move reflects the Board's decision to develop a consistent strategy that focuses the company on its core I/O businesses. As a result, we plan to sustain and strengthen our SCSI and RAID hardware and software solutions.''
The company is evaluating, as a result of the action, a one-time adjustment charge during the second fiscal quarter of 1999.
About Adaptec
Adaptec provides bandwidth management technologies for organizations building the global information infrastructure. Its high performance I/O, connectivity, and network products are incorporated into the systems and products of major computer and peripheral manufacturers. Founded in 1981 and headquartered in Milpitas, Adaptec (NASDAQ:ADPT - news) employs people worldwide in design, manufacturing, sales, service and distribution. Adaptec's home page is adaptec.com.
Contact:
Adaptec, Milpitas
Adam Trunkey, 408/945-8600 |
