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

To: B.D. who wrote (4533)	1/15/1998 11:29:00 PM
From: DJBEINO	Read Replies (2) \| Respond to of 7841

Seagate (NYSE:SEG) cuts 10 pct of jobs in Singapore Reuters, Thursday, January 15, 1998 at 23:21 SINGAPORE, Jan 16 (Reuters) - Computer disk drive maker Seagate Technology Inc is cutting 1,800 staff in Singapore, a company spokeswoman said on Friday. "About 400 are non-production staff," the spokeswoman told Reuters. After the cuts, Seagate would have about 15,000 employees left in Singapore, she said. The job cuts do not include contract workers, the spokeswoman said. In September, Seagate, one of the largest corporate employers in Singapore, said it had laid off 500 contract workers. Seagate had announced on Thursday it was cutting an additional 8,600 jobs, bringing its total planned job cuts to about 10,000, or about 10 percent of its global workforce. These include all 1,400 jobs at its plant in Clonmel, Ireland, which would be closed. The restructuring also includes consolidation of its five U.S. disk drive product design centers into three, consolidation of its domestic media operations and a reduction of worldwide sales, marketing and administrative functions. Seagate said it would take US$300 million in charges for the restructuring. In Singapore, the company spokeswoman said: "Singapore will remain the primary centre of competency for manufacturing high-end drives," she said. She said jobs would be cut in Thailand and Malaysia as well and this was likely to take place in February. But it was not known how many jobs would be lost. Seagate has four plants in Singapore involved in in hard disk drive, media and printed circuit board making. It also has a customer service and sales office and undertakes research and development here. In Thailand, it has six sites manufacturing various components and, as of June 1997, the company employed 43,500 staff there, the spokeswoman said. She said the company had three manuafcturing locations in Malaysia and, as of June 1997, the number of staff there was 24,700.