Seagate Technology

In October, Seagate Technology announced layoffs impacting 3,000 workers, or 8% of its worldwide workforce. The layoffs are part of a restructuring plan.

Dave Mosley is Seagate’s CEO.

“Global economic uncertainties and broad-based customer inventory corrections worsened in the latter stages of the September quarter,” he said. “And these dynamics are reflected in both near-term industry demand and Seagate’s financial performance. We have taken quick and decisive actions to respond to current market conditions and enhance long-term profitability, including adjusting our production output and annual capital expenditure plans, and announcing a restructuring plan that will deliver meaningful cost savings while maintaining investments in the mass capacity solutions driving our future growth.”

Seagate aims to reduce its cost structure to better align its operational needs to current economic conditions while continuing to support the long-term business strategy. The plan includes the layoffs along with other cost-saving measures

Seagate should complete its restructuring by the end of its fiscal second quarter.