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Seagate Still Choppin': To Cut Another 500 Jobs This Year

Shares of hard-disk drive maker Seagate Technology (STX) are down 5 cents at $40.42, in late trading, after the company disclosed in an 8-K filing with the Securities & Exchange Commission after market close this afternoon that it will let go 500 employees by June of 2018 as part of a restructuring plan in order to save $65 million annually. Today’s announcement follows three other recent plans that had reduced the company’s total employee base by 7,400 people since July of last year. The most recent data from FactSet list the company with a total employee base of 41,000.