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June 2, 2020, 8:24 a.m. EDT

Seagate to cut 500 jobs across 12 countries, consolidate Minnesota facilities into one location

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By Ciara Linnane

STX

Seagate Technology Plc /zigman2/quotes/201824240/composite STX -1.62% said Tuesday it is planning to cut 500 jobs across 12 countries, as part of a cost-cutting plan. The company will also consolidate its Minnesota facilities into one location and take other measures to align resources with growth opportunities. The data storage company is expecting to book pretax charges of about $74 million to cover the costs of the moves, most of it in fiscal 2020. Shares rose 0.5% premarket.

/zigman2/quotes/201824240/composite
US : U.S.: Nasdaq
$ 44.90
-0.74 -1.62%
Volume: 2.91M
Aug. 13, 2020 4:00p
P/E Ratio
11.83
Dividend Yield
5.79%
Market Cap
$11.75 billion
Rev. per Employee
$263,814
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