Western Digital (WDC) to Close Odawara, Japan, Manufacturing Facility

Western Digital (NASDAQ: WDC) disclosed the following on Friday:

On January 18, 2016, Western Digital Corporation (the “Company”) announced it will be closing its head component front end wafer manufacturing facility in Odawara, Japan, in order to reduce manufacturing costs.

The Company expects the closure to be substantially completed by the end of the third quarter of fiscal 2016 and it is expected to result in total pre-tax charges of approximately $200 million. These charges are expected to be primarily incurred in the third quarter of fiscal 2016 and are expected to consist of approximately $90 million in asset charges, $90 million in employee termination costs and $20 million in contract termination and other costs. Approximately $110 million of these charges are expected to be cash expenditures.

You May Also Be Interested In

• Johnson & Johnson (JNJ) slips as Laminar acquisition prompts a profit outlook cut
• One Stop Systems (OSS) Appoints Technology and Defense Industry Executive, Mitchell H. Herbets, to Board of Directors
• Build-A-Bear Workshop (BBW) Tops Q3 EPS by 2c