Wednesday August 05, 2009

Seagate Technology to cut 2000 jobs in Singapore in mass layoff

channelnewsasia.com :

Seagate Technology announced on Tuesday [4 Aug 2009] it would relocate its hard disk drive manufacturing operations from Ang Mo Kio to other existing Seagate facilities by end-2010, laying off some 2,000 employees in the process. The company said in a statement that this consolidation is necessary in order for it to further increase efficiency and reduce costs by leveraging investments across fewer manufacturing sites. Seagate has two other facilities in Singapore, located at Science Park and Woodlands. Employees ending their employment with Seagate will be offered severance benefits, in keeping with company policy.

- Seagate is no stranger to mass layoffs, but still, this is a pretty big number for a pretty small country like Singapore. Like I said earlier to anyone who would listen, Q3 2009 isn't going to be too good on the jobs front. Help is at hand though. The Singapore jobs market (and elsewhere) could start improving toward the end of the year, perhaps from Q4 2009 onward. Next year is of course going to be a completely different matter, but as a variation on the green shoots theory for 2009, we'll see how far that goes.

See also :

1. Toshiba quits Singapore without fanfare
2. Seagate cutting 6000 jobs with Maxtor deal
3. DBS cuts 900 jobs in first mass layoff since 2001, Q3 2008 profit falls 38%
4. MM Lee Kuan Yew : Singapore GDP may contract 10% in 2009; retail sales fall most in decade
5. Motorola to stop Singapore mobile phone production, cutting 700 jobs

(2009-08-05 05:47:27 SGT) [Biz] Permalink

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