Seagate Technology Lays off 480 employees

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Data storage firm Seagate Technology PLC has announced plans to reduce its workforce by an additional 480 employees, adding to a prior round of layoffs.

The hard drive maker said it expects the latest dismissals, which will amount to around 1% of its global headcount, will be “substantially completed” by the end of its June quarter.

The California-headquartered business previously slashed 8% of staff, or about 3,000 workers, last October due in part to an easing in a pandemic-era surge in demand for PCs and servers.

“The expanded plan is expected to result in further cost savings to better navigate the current macro-economic challenges,” Seagate said in a statement on Wednesday.

Seagate projects that it will start to save approximately $40 million to $45 million on an annualized basis from the layoffs. But the move will also incur total pre-tax charges of as much as $65M. Multiple job functions and locations will be impacted, Seagate said.

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