Disk-drive maker Seagate Technology is to take a massive $300 million (#184 million) charge in this financial quarter, making its second quarter losses worse than expected. The charge relates to the closure of a manufacturing plant in Ireland and comes on top of a $100 million (#61 million) charge in connection with a separate restructuring programme. Following the announcement, Seagate's stock shot down $1.25 (77p) per share to $19.25 (#11.8) and second-quarter losses are now expected to be around $1 (61p) per share. Following the economic crisis in Asia, Seagate also said price cuts by the region's component makers are creating severe pricing pressure on its products.
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