The sliding market for personal computers is claiming 1,050 jobs at Seagate Technology.
In a filing with the Securities and Exchange Commission on Thursday, the Cupertino disk drive maker said the layoffs were part of a restructuring plan intended to realign its cost structure with the current macroeconomic business environment.
Slowing PC sales have hit a number of valley companies, including Intel, which derives the biggest part of its revenue from sales of chips that power PCs.
Seagate said the layoff is about 2 percent of the firm s global headcount, according to the filing.
The company said it will complete the layoffs by the end of December, and take a pretax charge of about $53 million in termination costs.
The savings generated from these restructuring activities are expected to amount to approximately $113 million, Seagate said in its filing.
Photo: Seagate logo courtesy of Seagate
