Hutchinson Technology cuts more jobs

[image]

Hutchinson Technology says it is cutting another 300 jobs. The company has announced job cuts totaling more than 40 percent of its workforce since last fall.

The latest cuts come on top of 1,700 layoffs announced in recent months. Today's announcement brings the total to 2,000 jobs lost.

Hutchinson Technology, which makes disk drive components, has been hit hard by a major downturn in the market for personal computers during the recession.

Earlier this month the company disclosed the loss of a major customer, hard-drive maker Seagate Technology.

The company also announced a quarterly loss today of nearly $58 million. The results were slightly better than Wall Street expected. The company's share price dropped 6 percent in advance of the earnings report, which came out after the markets closed.

The latest layoffs add to the pain in Hutchinson, where the company is the south central Minnesota town's largest employer.