Seagate to lay off another 1,100

Scotts Valley-based Seagate Technology announced Wednesday that it will lay off approximately 1,100 members of its global workforce as part of a restructuring for the hard-disk manufacturer.
This is the second heavy-duty round of layoffs this year. In January, the company trimmed 2,950 employees including CEO Bill Watkins and announced that more layoffs were likely to follow.
The 1,100 workers this time around represent about 2.5 percent of Seagate’s total workforce.
Seagate’s world headquarters are in Scotts Valley and about 20 percent of the company’s workforce is stationed in the Bay Area.
The company has also closed a research facility and two recording media facilities this year.
Seagate estimates the restructuring will save the company about $125 million annualy.
Shares of Seagate stock have dropped on the Nasdaq stock exchange from a high of more than $26 in early 2008 to a low of $3.11 on January 19, 2009. However, since then, the value has climbed back to nearly $7 per share as of May 13.