SCOTTS VALLEY (dpa-AFX) - Seagate Technology plc (STX) said the company is committed to a restructuring plan, under which it intends to consolidate: Minnesota facilities into one location; reduce headcount worldwide by approximately 500 employees across 12 countries; and align resources. The plan, which the company expects to be substantially completed by the end of the first quarter 2021, is anticipated to result in total pre-tax charges of approximately $74 million, mainly in fiscal 2020.
Seagate expects the savings from the Plan to begin in the first quarter 2021 and the company intends to reinvest a portion of the savings back into the business.
The company noted that the adoption of the Plan is not due to recent, near-term market and economic conditions.
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