Quantum (QTM) Cuts Workforce and Other Expenses, Annually Saving $18 Million
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Quantum Corp. (NYSE: QTM) announced that it is reducing its workforce by approximately eight percent (180 positions) and taking other steps to decrease expenses, largely in response to the global financial crisis and related market uncertainty. Quantum expects these combined actions to result in annual savings of approximately $18 million, and the company will see a partial benefit from the changes in its quarter ending Dec. 31, 2008. Quantum's preliminary estimate of the costs associated with these changes is approximately $4.4 million, consisting of one-time termination benefits.
While reducing total expenses, Quantum will continue to increase investment in its data deduplication and replication technology and its DXi(TM)-Series disk backup solutions. This reflects a key growth opportunity for the company, and over the past six months it has established a stronger leadership position in deduplication through the introduction of new products, enhancements to its channel program, and closer collaboration with both EMC and Dell.
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Quantum Corp. is the leading global storage company specializing in backup, recovery and archive.
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