December 11, 1997 |
Two of the biggest computer disk drive companies--Seagate Technology Inc. and Quantum Corp.--sent out distress signals Wednesday, confirming that the industry faces a serious glut. Seagate, the world's biggest disk drive maker, said it will close a drive manufacturing plant in Clonmel, Ireland, and lay off 1,400 workers there. Quantum, the No. 2 disk maker, warned investors that its third-quarter earnings will be less than half as much as Wall Street has forecast.