Seagate Technology is seeking a buyer for its Seagate Microelectronics subsidiary in Livingstone, Scotland after reporting a $30 million net loss for the first quarter, down from a $240 million loss last time.
Seagate is taking $84 million in charges, and without the hit, the storage manufacturer said it would have reported a $44 million profit on sales down by 18 percent to $1.5 billion.
The charge comprises a $77 million amendment to the August 1997 acquisition of Quinta Corp and a further $7 million associated with the acrimonious departure of former chief executive Al Shugart.
Seagate Technology announced last week that Veritas Software is acquiring Seagate Software's Network and Storage Management Group in a $1.6 billion deal that some shareholders say is a giveaway.
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