Northwest economy needs investment for well-paid and skilled employment not job losses
- Thursday 22 June 2023
Seagate proposes redundancy for up to one-third of production operators the year after a $2.4 billion pay out to shareholders
In 2022 Seagate’s turnover was $11.66 billion with an operating profit of almost $2 billion. The company paid out $2.4 billion in dividends and buy-backs to the exclusive benefit of shareholders.
Speaking for Unite the union, Regional Secretary Susan Fitzgerald said.
“Last year Seagate paid out a colossal $2.4 billion to enrich shareholders in dividends and share buy-backs – that’s more than the company made in profit the same year. They now want to use a temporary drop in demand to strip-back production at Springtown - there’s no justification for reductions.
“Unite the union is closely reviewing the situation and we will be discussing an industrial response with our members and reps if this involves any attempt to impose compulsory redundancies.”
Regional Officer for Unite’s membership at Springtown, Brenda Stevenson highlighted the regional significance of Seagate for the northwest economy. She referenced comments by the US Special Envoy Joe Kennedy earlier this year when he showcased Seagate as exemplifying the commitment of the US to the Northern Ireland’s economy.
“More than £4 billion has been invested in Seagate’s world-class production facility. This site sustains thousands of jobs in the wider economy and makes a huge contribution to the economy of the northwest.
“The company’s latest proposals stand in stark contrast with the words of US Envoy Joe Kennedy who highlighted Seagate as demonstrating the US’s commitment to transform our economy. Instead of retrenchment, the northwest needs investment for well-paid, skilled employment.”