Hard disk drive maker
Maxtor Corp. has announced a “significant restructuring” that the company said will streamline expenses as part of its recent merger with Quantum HDD. The company said that it would cut 700 to 800 jobs domestically over the next six months over what’s already been announced. Maxtor also indicated that it has laid off 700 employees at its manufacturing plant in Singapore.
Maxtor makes hard disk drive components, network attached storage solutions and accessories used for data storage.
Maxtor president and CEO Mike Cannon described second quarter sales as “weaker than expected” for hard disk drives, which has affected inventory levels and pricing.
“With the outlook for continued weakness in the PC market and limited visibility for the remainder of this year, we believe it is necessary to both accelerate the expense reduction opportunities available through our merger with Quantum HDD and to balance our manufacturing workforce with expected levels of demand,” said Cannon.