June 2, 2020 / 12:17 PM / a month ago

BRIEF-Seagate Technology PLC Says Committed To A Restructuring Plan

June 2 (Reuters) - Seagate Technology PLC:

* SEAGATE TECHNOLOGY PLC SAYS ON JUNE 1, CO COMMITTED TO A RESTRUCTURING PLAN - SEC FILING

* SEAGATE TECHNOLOGY PLC SAYS INTENDS TO CONSOLIDATE CO’S MINNESOTA FACILITIES INTO ONE LOCATION

* SEAGATE TECHNOLOGY PLC SAYS REDUCE HEADCOUNT WORLDWIDE BY ABOUT 500 EMPLOYEES ACROSS 12 COUNTRIES OR ABOUT 1% OF GLOBAL HEADCOUNT

* SEAGATE TECHNOLOGY - RESTRUCTURING PLAN TO BE COMPLETED BY END OF Q1 OF 2021, EXPECTED TO RESULT IN TOTAL PRE-TAX CHARGES OF ABOUT $74 MILLION

* SEAGATE TECHNOLOGY - CHARGES EXPECTED TO CONSIST OF CASH EXPENDITURE OF ABOUT $57 MILLION OF EMPLOYEE TERMINATION COSTS, $11 MILLION OF OTHER EXIT COSTS

* SEAGATE TECHNOLOGY - SAVINGS FROM RESTRUCTURING PLAN EXPECTED TO BEGIN IN Q1 OF 2021, CO INTENDS TO REINVEST PORTION OF SAVINGS BACK INTO BUSINESS Source: (bit.ly/2yUKmS0) Further company coverage:

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