
Saturday August 12, 2006
Seagate Q4 profit dives 98% on Maxtor purchase
business-times.asia1.com.sg :
Seagate Technology - the biggest US computer hard-disk drive maker - said its quarterly net profit plunged 98%, due principally to costs from acquiring rival Maxtor Corp. Seagate said average selling prices fell as personal computer makers cut prices to compete. Seagate also said it planned to repurchase as much as US$2.5 billion of its stock over the next two years.
Seagate acquired Maxtor in May for US$1.9 billion and announced 6,000 job cuts at Maxtor, about half of Maxtor's workforce, after the acquisition. Seagate's main competitors include Japan's Fujitsu and Hitachi.
See also :
1. Seagate buys Maxtor for $1.9 billion
2. Seagate cutting 6000 jobs with Maxtor deal
(2006-08-12 15:40:57 SGT)
[Biz]
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