Hutchinson Technology (HTCH) to Cut 1,380 Jobs, or 30% of Workforce
In a Form 8-K, Hutchinson Technology (Nasdaq: HTCH) today announced that its workforce reduction will actually total approximately 1,380 or approximately 30% of its workforce. This increase over the Company’s previously announced plan of a 20-25% workforce reduction is primarily due to a lower demand outlook for its FY09 and continued market and economic uncertainty.
Hutchinson Technology Incorporated engages in the design, development, manufacture, and marketing of suspension assemblies for disk drives primarily in Thailand, Hong Kong, Japan, the United States, and the People's Republic of China.
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