Seagate Shutting Down N. Ireland Plant

Seagate Shutting Down N. Ireland Plant

It's a sad day for the people of Limavady, a city in Ireland's County Derry, especially for the hundreds of local Seagate employees are that are going to be looking for new jobs once Seagate closes their facility in Limavady.

Company spokesperson Woody Monroy didn't mention if any of the employees will be transferred to other locations such as the Springton facility in County Londonderry, but it seems doubtful based on the stated reasons for closing the Limavady plant:

“Monroy did not know how much money the company would save from the move but said it is part of Seagate's ongoing effort to streamline operations. He said Seagate expanded substrate manufacturing at its facilities in Singapore and Malaysia last year while external suppliers have lowered their costs.”

Seagate is currently forecasting a profit of 57 to 61 cents per share for the current quarter, and they've been doing quite well over the past 2 years in general.
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