Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Hard drive manufacturer Seagate is to cut around 6,500 jobs, or 14% of its global business. This is a follow up to plans to cut 3% of its global workforce by end of financial year 2017. 70 of these jobs are in Derry, where Seagate has 1,400 staff, although this is likely to increase as the proportion of the workforce being cut has been raised.
The cuts are a result of Seagate’s main product, a hard disc drive, being increasingly superceded by solid state drives, particularly in the mobile sector. Indeed, worldwide PC shipments fell 4.5% to 62.4 million in the second quarter of 2015. Markets have responded, with shares up 8.8% following the announcement. The restructuring will likely cost around $164 million. Employees in mainland Europe, the Middle East, and Asia will likely also be affected going forward.
Eurofound (2016), Seagate Technology, Internal restructuring in World, factsheet number 88228, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/88228.
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