HDD manufacturer Seagate to lay off 1,600 employees to save $100 million annually

Reuters reports that American HDD manufacturer Seagate is cutting 1,600 jobs. The company hopes to save about $100 million annually by letting go about 3% of its employees. The company has about 52,000 employees worldwide.

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The layoffs come after Seagate’s revenue declined in the past five quarters. This is mainly caused due to weak demand from original equipment manufacturers, including personal computers makers.

At the end of 2015 the company also had to cut 1,000 jobs.