Seagate Technology said today it would take a $216 million charge for a reorganisation that will see the disk drive manufacturer buying the remainder of its software subsidiary.
Seagate Software's assets consist primarily of the assets of the Information Management Group (IMG) business as well as shares of Veritas common stock received from Seagate's sale of the Network and Storage Management Group business to Veritas Software.
Following the reorganisation and the payment to minority stockholders of Seagate Software, Seagate Technology will own 100 per cent of the outstanding stock of Seagate Software.
In connection with the reorganisation, Seagate Software has formed a new wholly owned subsidiary into which it will transfer its IMG assets.
A spokesman for Seagate Technology said there would be no job losses as a result of the restructuring and the $216 million charge is expected to be taken following its completion. This is likely to be in the company's second quarter ending in December.
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