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As part of ongoing efforts to save money that include staff and operating cost reductions, Seagate Technology today announced a restructuring plan that will mean cutting an additional 1,100 workers. That amounts to about 2.5% of the company's global workforce.
The hard disk drive manufacturer said the reduction will increase cash flow and should get earnings back in the black in fiscal year 2010.
Slideshow: Most notable layoffs of 2009
In its most recent quarter, Seagate reported a net loss of $273 million on $2.1 billion of revenue. That followed a $496 million net loss during the previous quarter. Including today's layoffs, the company has reduced its global head count through attrition and restructuring by more than 25% this year. Seagate said it expects the restructuring plan to be mostly complete by the end of July, saving it about $125 million per year.
Earlier this year, Seagate announced the closure of two recording media facilities and its Pittsburgh research facility along with company-wide salary reductions.
The company also said it would continue to "assess options to further reduce manufacturing operating costs" in the months ahead.
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