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Technology Stocks : Seagate Technology -- Ignore unavailable to you. Want to Upgrade?

To: Sam who wrote (4527)	1/15/1998 4:48:00 PM
From: DJBEINO	Respond to of 7841

16:38 [SEG] SEAGATE TO CONSOLIDATE DOMESTIC MEDIA OPS, RESTRUCTURE MANUF OPS. 16:37 [SEG] SEAGATE TO CLOSE IRELAND MANUF PLANT, CONSOLIDATE DISK DRIVE OPS. 16:35 [SEG] SEAGATE TECH IN $300 MLN CO RESTRUCTURING, INCL 10% WORKFORCE CUT.

To: Sam who wrote (4527)	1/15/1998 4:51:00 PM
From: DJBEINO	Read Replies (2) \| Respond to of 7841

Seagate Announces Global Realignment PR Newswire - January 15, 1998 16:34 SEG %CPR V%PRN P%PRN SCOTTS VALLEY, Calif., Jan. 15 /PRNewswire/ -- Further preparing the Company to compete in an increasingly challenging global economic environment, Seagate Technology, Inc. (NYSE: SEG) today announced the latest developments in its cross-company restructuring plan which began late last year. The restructuring includes previously announced charges in excess of $300 million, and will include a global workforce reduction of approximately 10% during the current quarter. Seagate is executing plans to improve its competitive position through continued improvements to operational productivity and cost reduction -- specifically asset and employee utilization, and consolidation of specific operations to gain greater efficiencies by more effectively leveraging capabilities across all operating areas. Seagate has announced actions designed to further the Company's objectives, including the closing of its Clonmel, Ireland manufacturing plant, consolidation of its five U.S. disc drive product design centers into three, consolidation of its domestic media operations, restructuring the Company's global manufacturing operations, and downsizing its worldwide sales, marketing and administrative functions. Seagate expects to report its second quarter fiscal 1998 financial results on Tuesday, January 20, 1998, after the close of the market. This release contains forward-looking statements relating to the company's business, pricing, earnings outlook, restructuring, inventory write-downs and other one-time charges. These forward-looking statements are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. These risks and uncertainties include, but are not limited to, competitive factors, pricing environment, the extent to which facilities and equipment are determined to be excess or unusable for alternative operations of the company, severance costs to be incurred, the nature and amount of inventory write-downs and other reserve requirements. Seagate undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. 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 their information when, where and how they want it. Seagate is the world's largest manufacturer of disc drives, magnetic discs and read-write heads, a market leader in tape drives, and a leading developer of software for information availability, access and analysis. With nearly $9 billion in revenues for its 1997 fiscal year, Seagate can be found around the globe and on the World Wide Web at seagate.com. SOURCE Seagate Technology, Inc. /CONTACT: media, Julie Still, 408-439-2276, or Woody Monroy, 408-439-2838, or investors, Nancy Hamm, 408-439-2371, all of Seagate/ /Web site: seagate.com