© Seagate Business | June 03, 2020
Seagate to consolidate operations in the US
On June 1, 2020, Seagate Technology committed to a restructuring plan with the aim reduce its cost structure, and invest in future opportunities. The company also intends to consolidate its Minnesota facilities into one location.
Besides merging its Minnesota facilities into one location, the company reduce its headcount worldwide by approximately 500 employees across 12 countries (which is roughly 1% of the company’s global headcount); and continue to align resources to better support future growth prospects. The company believes the Minnesota consolidation will provide greater collaboration opportunities and drive economies of scale. Seagate says that adoption of the plan is not due to recent, near-term market and economic conditions, the company will offer individuals affected by the reduction-in-force action additional financial support to assist during this time. Seagate expects the plan to be substantially completed by the end of the first fiscal quarter 2021 which is expected to result in total pre-tax charges of approximately USD 74 million, mainly in fiscal year 2020. These charges are expected to consist of cash expenditure of approximately USD 57 million of employee termination costs. The savings from the plan are expected to begin in the first fiscal quarter 2021 and the Seagate says it intends to reinvest a portion of the savings back into the business.
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