Seagate Anticipates One-Time Restructuring Charge in Q3FY99
PR Newswire, Monday, March 08, 1999 at 08:02
SCOTTS VALLEY, Calif., March 8 /PRNewswire/ -- Seagate Technology, Inc.
(NYSE:SEG) today announced that the Company expects to take a one-time charge
in the current fiscal quarter related to the restructuring of certain
worldwide operations. This includes the previously announced closure of the
Company's microelectronics manufacturing facility in Livingston, Scotland,
consolidation of global customer service facilities, and additional actions
necessary to further increase the productivity and efficiency of worldwide
operations. The Company expects the charge to be in the range of
$50 - 60 million. Seagate also stated that the sale of its Seagate Software
NSMG operation to Veritas is now expected to close during its fourth fiscal
1999 quarter.
Seagate Technology, Inc. is a leading provider of technology and products
enabling people to store, access, and manage information. The Company is
committed to providing best-in-class products to help people get information
when, where and how they want it. Seagate is the world's largest manufacturer
of disc drives, magnetic discs and read-write heads, an innovator in tape
drives, and a leading developer of Enterprise Information Management software.
Seagate can be found around the globe and at seagate.com. For
automated news, stock and financial information by phone, dial toll-free
877-SEG-NYSE. Outside the U.S. and Canada, dial 760-704-4368.
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