Seagate to Cut 10,000 Jobs in Restructuring

Seagate Technology Inc., the largest independent maker of computer disk drives, said it is cutting 10,000 jobs, mostly in Asia, as it struggles against an intense industry price war. The 10% reduction in Seagate’s global work force, including 1,350 U.S. jobs, comes after two quarters of falling sales amid a worldwide glut that has driven down prices of the company’s products. The cuts were announced after stock markets closed. Seagate shares finished up 50 cents, or 2.6%, at $19.63, on the Nasdaq Stock Market. Seagate has already announced it would set aside more than $300 million to pay for a restructuring of its 100,000-person work force. Seagate, based in Scotts Valley, is closing design centers in San Jose and Moorpark and consolidating their operations with offices in Longmont, Colo., and Oklahoma City. In the last six months, its sales have plunged to $1.9 billion from $2.5 billion. Seagate’s latest quarterly financial results are due out Tuesday.