Jun 26, 2003

Seagate Boosts Local Disc Drive Manufacturing With New S$200 Million Recording Media Facility

Seagate Technology (NYSE: STX) today unveiled plans for a S$200 million investment to expand its recording media manufacturing plant here in Singapore. The new plant is an extension of the current facility presently located at Woodlands and is scheduled to begin production in the third calendar quarter of 2004. At that time the facility in Singapore will be able to produce more than 50% of Seagate's total requirement for recording media for its disc drives.

"This is an important milestone in the history of Seagate's recording media operations," said Bill Watkins, Seagate's president and chief operating officer. "We continue to make strategic investments in Singapore by leveraging established infrastructure and tapping the significant technological and human capital this island-nation has to offer. We are pleased to extend our mutually beneficial relationship with the Singapore government, who have shown us tremendous support over the 10-plus years that we have operated here."

On Seagate's latest investment decision, Teo Ming Kian, chairman, Singapore Economic Development Board commented, "Seagate's vote of confidence in Singapore reinforces our competitiveness as a manufacturing hub, especially in light of the current global economic situation. As Singapore sustains its focused drive to develop a high-end manufacturing sector, this new recording media manufacturing plant further enhances our position as the world's leading hard disk drive manufacturing location. This timely decision also strengthens the long-term Seagate-Singapore partnership for excellence."

Dennis Brown, Seagate vice president of Singapore's RMO operations, added: "The vertical integration strategy Seagate has pursued since its inception in 1979 has established the Company as the industry leader, shipping nearly 60 million disc drives in the past year. The expanded operation at Woodlands will better position us to meet the world's growing demand for data storage."

The new multi-million dollar Woodlands extension will see the establishment of five-story manufacturing block housing Seagate's state-of-the-art equipment and new-generation technologies.

Initially, the new facility is expected to require an increase in staffing of approximately 20% of the current workforce, growing to nearly 50% over time.

Piling works started last month and the first production floor is expected to be ready for factory equipment installation in Q2 CY2004, and production beginning in Q3 CY2004.

The Woodlands operation, established in 1996, was Seagate's first Recording Media Operations (RMO) facility outside of North America. It is also the Company?s largest media manufacturing facility and accounts for about half of Seagate's internal output of the industry?s most advanced disc media. Seagate's other RMO operations are located in Milpitas (USA) and Northern Ireland.

About Seagate Technology
Seagate is the worldwide leader in the design, manufacturing and marketing of hard disc drives for Enterprise, PC and Consumer Electronics applications. The Company is committed to delivering award-winning products, customer support and reliability, to meet the world's growing demand for information storage. Seagate can be found around the globe and at www.seagate.com.

Seagate, Seagate Technology and the WAVE logo are trademarks or registered trademarks of Seagate Technology LLC. All other trademarks or registered trademarks are the property of their respective owners.

Safe Harbor
This press release contains forward-looking statements based on information available to Seagate as if the date of this release within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements related to our future manufacturing capabilities, customer demand for our products, and general and market conditions. These forward-looking statements are based on current expectations, forecasts and assumptions and involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. For more information regarding the risks facing the Company, we refer you to the Company's periodic reports filed with the SEC, including its most recent 10-K and 10-Qs. The Company assumes no obligation to update the forward-looking information contained in this press release.