Hutchinson Tech to trim costs, cut more jobsby Ambar Espinoza, Minnesota Public Radio
St. Cloud, Minn. — Disk-drive components maker Hutchinson Technology says it is cutting costs by $25 million.
A company statement said it was expecting $4 million in severance costs from the actions. About 80 jobs will be cut in Minnesota.
The company announced the cost reductions while reporting another quarterly loss. Hutchinson Technology says it posted a net loss of $19 million. That follows a loss in the previous three-month period of $16 million.
Hutchinson Technology says product shipments declined in the three months ending in late June.
The company's financial results also suffered from a product defect, which it's in the process of correcting.