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Seagate Cutting 6,500 Jobs, Consolidating Footprint

Seagate Technology reported it plans to cut its workforce by 14% over the next year and consolidate its footprint to help the bottom line. That translates to 6,500 jobs worldwide and an undetermined amount of CRE space reduction.

Newmark Cornish & Carey’s Phil Mahoney says the impact shouldn’t be major because “they already have a Cupertino office building on the market for lease,” and given Cupertino’s low single digit vacancy “the space should be quickly absorbed.”

The Cupertino, CA-based hardware manufacturer has a long-term presence in the Silicon Valley. The moves are expected to cost $164 million during the fiscal year, including $82 million in employee termination expenses.

Shares of Seagate jumped more than 13% to $27.07 in after-hours trading Monday on “better-than-expected” demand for hard disks.

Read More at San Jose Mercury News

Connect with Newmark Cornish & Carey’s Mahoney

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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