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Seagate to Cut 1,600 Jobs in Restructuring Plan

CA: Corporations In CaliforniaCA: Corporations In California
A logo sign outside of a facility occupied by Seagate Technology in Fremont, California on January 23, 2016. Photograph by Kristoffer Tripplaar — AP

Hard-disk drive maker Seagate Technology said it was cutting about 1,600 jobs, or 3% of its workforce, as part of a restructuring plan to reduce costs.

Seagate said the plan, which it expects to complete by the end of the September quarter, is likely to result in total pre-tax charges of $62 million.

The charges will be accounted for mainly in Seagate’s fourth-quarter results, the company said.