Hard-disk drive maker Seagate Technology Plc said it would cut about 1,600 jobs, or 3 percent of its workforce, as part of its previously announced efforts to reduce its cost structure. Seagate expects that its reconstructing plan to essentially complete by the end of the September 2016 quarter, and result in total pretax charges of $62 million recorded primarily in the fiscal fourth quarter of 2016.

Seagate says that the savings generated from these restructuring activities will be recognized beginning in the September 2016 quarter and will represent approximately $100 million in savings on an annual run rate basis, impacting cost of revenue and operating expenses favorably by approximately $48 million and $52 million, respectively.

Seagate's revenue declined in the past five quarters due to weak demand from original equipment manufacturers, including personal computers makers.