Seagate pulls down shutters on Singapore plant

Hard drive vendor axes 2,000 jobs in an effort to reduce costs

The plant will close by the end of the year

Seagate Technology is closing is Singapore plant, forcing the hard disk giant to make 2,000 job cuts.

It is due to close by the end of the year, and Seagate will relocate its hard disk drive operations from the Ang Mo Kio facility to other existing sites.

The vendor said it will maintain its Asian international headquarters in Singapore.

A statement released from the vendor said: "This consolidation is necessary in order for Seagate to further increase efficiency and reduce costs by moving investments across fewer manufacturing sites.

"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 vendor stressed that some AMK employees will be relocated within their Singapore operations. The workers being laid off will be offered severance benefits.

Seagate hopes to save $40m (£24m) a year by closing the plant.