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Hard disk maker Seagate said today that it was closing its Singapore factory and cutting 2,000 jobs in the process, even as the United States appears to be coming out of one of the worst economic slums in decades.
Seagate’s plant at Ang Mo Kio will be closed by the end of next year, as it moves its manufacturing operations to low-cost countries in the region, including China, Thailand and Malaysia, to cut costs amounting to US$40 million a year.
The hard disk maker will keep its Asia headquarters in Singapore, as well as its media operations and an R&D centre in the Republic, according to wire reports.
However, the news of its plant closure will mark yet another sobering chapter for Singapore’s once-stellar electronics manufacturing sector. …
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