DISK DRIVE FIRM CUTS JOBS, MOORPARK SITE.Byline: Daily News Staff and Wire Services Seagate Technology (company) Seagate Technology - A major manufacturer of hard disk drives, founded in 1979 as "Shugart Technology" by Alan F. Shugart and Finis Conner. That name is on the original patents for the 5.25" hard disk drive. Inc., the largest independent maker of computer disk drives, said Thursday that it is cutting 10,000 jobs, including a design center in Ventura County that employs approximately 400 people, as it struggles against an intense industry price war. The 10 percent reduction in Seagate's global work force, including 8,650 jobs in Asia, comes after two quarters of falling sales amid a worldwide glut glut pronounced as rut, slut Vox populi An excess of a service or skilled labor in a particular area. See Physician glut. that has driven down prices of the company's products. The job cuts were announced after stock markets closed. Seagate shares finished up 50 cents, or 2.6 percent, to $19.62-1/2, on the Nasdaq market. Seagate already has announced it would set aside more than $300 million to pay for a restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of its 100,000 work force. Seagate, based in Scotts Valley, Calif., is closing a design center in San Jose San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. in addition to its Moorpark facility, and consolidating its operations with offices in Longmont, Colo., and Oklahoma City Oklahoma City (1990 pop. 444,719), state capital, and seat of Oklahoma co., central Okla., on the North Canadian River; inc. 1890. The state's largest city, it is an important livestock market, a wholesale, distribution, industrial, and financial center, and a farm . An employee at the Seagate facility in Moorpark who would not identify himself said approximately 400 people work at the office. No officials from the Ventura County facility were available for comment, and it was unclear whether the local Seagate employees would be offered jobs in other Seagate facilities. The reductions also include 1,400 job cuts already announced in December with the closing of a disk drive manufacturing plant in Ireland. Seagate sells 16 percent of its products in Asia, where consumer demand for computer products has been hurt by the region's economic crisis. U.S. high-tech companies such as Intel and Motorola already have reported damage from the turbulence turbulence, state of violent or agitated behavior in a fluid. Turbulent behavior is characteristic of systems of large numbers of particles, and its unpredictability and randomness has long thwarted attempts to fully understand it, even with such powerful tools as there. After expanding rapidly in the early 1990s, Seagate has suffered recently against the onslaught of competitors such as IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) and Fujitsu. In the recent six months, Seagate's sales have plunged to $1.9 billion from $2.5 billion. Seagate's latest quarterly financial results are due out Tuesday. |
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