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Technology Stocks : Disk Drive Sector Discussion Forum

WDC 272.09

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To: Sam who wrote (4454)	9/16/1998 10:45:00 AM
From: Gottfried	Read Replies (1) of 9256

Sam/all, "Seagate thinking of selling Philippine plant" from today's SJMN Seagate Technology Inc., the No. 1 maker of computer disk drives, said it may sell an unused $70 million plant in the Philippines amid falling demand for the storage devices. Seagate said last week it was putting on hold its plans for the Cebu province, Philippines plant, which was built last year and would have employed 1,100 workers. The Scotts Valley-based company laid off 1,800 employees, or 10 percent of its workforce, in January. Seagate's moves come amid a global slump in disk-drive demand, which has been bruised by price-cutting and weak sales of personal computers. Some analysts said the industry's woes may result in more plant closings and acquisitions to reduce the number of drive makers. ''We have decided not to continue our operations in the Philippines,'' said Joel Stead, Seagate's senior vice president of international sales operations. ''There's real efficiency in other facilities we've got in Asia, particularly in Thailand and Malaysia.'' mercurycenter.com GM

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