Segate Technology to restructure – layoffs awaits

The plan includes reducing worldwide headcount by approximately 1'050 people, representing roughly 2% of the company's global employee headcount. The restructuring plan – which the Seagate expects to largely complete by the end of the December 2015 quarter – is expected to result in total pretax charges of approximately USD 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 USD 113 million annually.