Seagate Plans 8,000 Job Cuts to Trim Costs

Seagate Technology Inc. said it will cut 8,000 jobs, or 10% of its workers, to streamline its business in the face of falling prices. The computer disk drive maker said it will take a $200-million pretax charge this quarter for the cuts, which will be made through firings, voluntary severance and retirement at plants in Asia, Scotland and the U.S. during the next nine months. Shares of Scotts Valley, Calif.-based Seagate fell $1.06 to close at $31.94 on the New York Stock Exchange. The cuts were announced after the markets closed.