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June 2, 1997updated 05 Sep 2016 1:01pm

SEAGATE SHARES DIP ON RUMORS OF ZIP DRIVE CUT BACKS

By CBR Staff Writer

Shares of Seagate Technology Inc dipped last week on rumors that the company was to cut back production of its disk drives in Singapore, due to a surplus of high-end disk drive supplies on the market. Seagate wouldn’t comment on the rumors. Other disk drive suppliers, such as Quantum Corp and Western Digital Corp, have also seen their share prices dropping as analysts predicted price cuts due to over supply. Meanwhile, Seagate said it had forged separate cross-licensing agreements with Fujitsu Ltd and Micropolis Corp covering existing and future patents. It already has similar deals with IBM Corp, Maxtor Inc, NEC Corp, Quantum, Toshiba Corp, Western Digital and others.

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