Maxtor to Cut 5,500 Jobs in Singapore
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Maxtor Corp., which makes computer disk drives, will eliminate 5,500 jobs in Singapore as it closes a factory there and shifts some production to China.
The Milpitas, Calif., company said that more than half the cuts, or about 20% of its workforce, would be through firings, according to a Securities and Exchange Commission filing. The company also said the severance packages were expected to lower first-quarter earnings by $12 million.
Shares of Maxtor rose 10 cents to $5.90 on the New York Stock Exchange.
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