Jan 15, 1998
Seagate is executing plans to improve its competitive position through continued improvements to operational productivity and cost reduction - specifically asset and employee utilization, and consolidation of specific operations to gain greater efficiencies by more effectively leveraging capabilities across all operating areas.
Seagate has announced actions designed to further the Companyms objectives, including the closing of its Clonmel, Ireland manufacturing plant, consolidation of its five U.S. disc drive product design centers into three, consolidation of its domestic media operations, restructuring the Companyms global manufacturing operations, and downsizing its worldwide sales, marketing and administrative functions.
Seagate expects to report its second quarter fiscal 1998 financial results on Tuesday, January 20, 1998, after the close of the market.
This release contains forward-looking statements relating to the company's business, pricing, earnings outlook, restructuring, inventory write-downs and other one-time charges. These forward-looking statements are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. These risks and uncertainties include, but are not limited to, competitive factors, pricing environment, the extent to which facilities and equipment are determined to be excess or unusable for alternative operations of the company, severance costs to be incurred, the nature and amount of inventory write-downs and other reserve requirements. Seagate undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.
Seagate Technology, Inc. (NYSE:SEG) is a leading provider of technology and products enabling people to store, access, and manage information. The Company is committed to providing best-in-class products to help people get their information when, where and how they want it. Seagate is the worldms largest manufacturer of disc drives, magnetic discs and read-write heads, a market leader in tape drives, and a leading developer of software for information availability, access and analysis. With nearly $9 billion in revenues for its 1997 fiscal year, Seagate can be found around the globe and on the World Wide Web at http://www.seagate.com.
Seagate and Seagate Technology are registered trademarks of Seagate Technology, Inc. All other trademarks or registered trademarks are the property of their respective owners.