Adaptec reduces forecast and takes $10 million charge to slash costs
News & Analysis 3/2/2001 Post a comment
MILPITAS, Calif. -- Adaptec Inc. here today (March 2) announced that it will lower its forecast and take a restructuring charge of $10 million during the quarter amid a downturn in its storage chip and subsystems businesses.
Details of Adaptec's restructuring plan will be announced before the end of the quarter, but the goal is to boost growth and cut costs. The moves are aimed to reduce operating expenses by more than $7 million per quarter.