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Adaptec, Inc. today announced a restructuring plan that includes a reduction in workforce of approximately 325 positions or 15 percent of its workforce with additional cuts being made in discretionary spending.
"These actions were made necessary by the sluggish economy, which has continued beyond most industry estimates, and has now spread into Europe and Asia," said Robert Stephens, president and CEO of Adaptec.
Once fully implemented, Adaptec says these steps will result in annualized savings of approximately $35 million. The company will incur a one-time restructuring charge associated with these actions of approximately $6 million this quarter.