Seagate closes hard drives plant
Seagate Technology, the world’s largest manufacturer of hard drives has announced that it is to close its Singapore plant, resulting in 2,000 job losses.
Seagate will relocate its hard disk drive operations from the Ang Mo Kio facility to other existing sites when the plant closes at the end of this year.
The manufacturer said it will maintain its Asian international headquarters in Singapore.
"This consolidation is necessary in order for Seagate to further increase efficiency and reduce costs by moving investments across fewer manufacturing sites,” said Seagate in a statement.
"Singapore will remain a key strategic partner for Seagate, with a focus on high-value activities, and Seagate will continue to make strategic investments here."
The hard disk manufacturer said that some AMK employees will be relocated within their Singapore operations the workers being laid off will be offered redundancy benefits.
Seagate hopes to save $40m (£24m) a year by closing the plant.