Seagate to Fire 1,050 Employees

In a Form 8-K published on SEC, Seagate Technology plc wrote:

Costs Associated with Exit or Disposal Activities
 
On September 4, 2015, Seagate Technology plc committed to a restructuring plan intended to realign its cost structure with the current macroeconomic business environment.
 
The plan includes reducing worldwide headcount by approximately 1,050 people, representing approximately 2% of its global employee headcount.
 
The plan, which the company expects to largely complete by the end of the December 2015 quarter, is expected to result in total pretax charges of approximately $53 million. These charges will primarily be incurred in the September 2015 quarter, and will consist mainly of employee termination costs, with the majority of cash payments expected to be paid in the December 2015 quarter.

The savings generated from these restructuring activities are expected to amount to approximately $113 million annually.

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2015.08.03 | Press Release | [with our comments]