Hardware maker Seagate Technology will be laying off nearly 1,100 employees or about 2.5 per cent of the global workforce, as part of its restructuring efforts.
The company expects to save as much as USD 72 million from the restructuring plan, which is expected to be completed by the end of July this year.
The firm has "initiated a restructuring plan that includes a reduction of approximately 1,100 employees or 2.5 per cent of the company's global workforce", it said in a statement on wednesday.
The plan is anticipated to result in total pre-tax restructuring charges of about USD 72 million.
According to the company, the charges would primarily be incurred in the June quarter and consist mainly of cash-based employee termination costs which are expected to be substantially paid in September. The move is expected to save USD 125 million annually.