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By Aled Herbert
Published: 23 August 1999 15:07 BST
Quantum is to lay off as many as 800 employees in the next 12 months as part of a restructuring strategy which aims to ensure its survival in the fiercely competitive hard drive (HD) marketplace.
The company's hard disk drive group will take a one-off charge of around $50m, and hopes to recoup $100m in cost savings annually from 2001. Quantum executives blamed recent poor performance on the fierce competition in the sub-$700 PC market, and the pressure created by competitors trying to gain market share based on price.
Quantum president, John Hannon, said that Quantum will no longer cut HD prices to boost market share, and called for others in the storage industry to follow suit.
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