Storage Technology Corp, Louisville announced plans to cut 1,500 jobs in a restructuring plan designed to reshape its operating model of the company and enhance profitability from next year. It looks for savings in excess of $100m on an annual basis when the restructuring is fully implemented, but the cost up-front will be about $150m – mostly taken in the current quarter. It will reduce the number of facilities, centralise logistics and support activities, and the eliminate more non-core functions and businesses. Job cuts – 1,000 in Colorado – will be made over the next year as it closes its 553,000 square foot Longmont plant.
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