CEO of Seagate Has Bleak Outlook for HDD Markets

Written by John Ponio    Monday, 21 November 2011 17:37

Seagate Logo

Stephen Luczo, who is the CEO of Seagate Technology, recently revealed his outlook for the problems caused by flooding in Thailand. He said, "This is going to take a lot longer than people are assuming, until the end of 2012 at least. And by then, demand will have gone up." While Seagate's factories are looking up, most of the factories of around 130 suppliers of parts for the hard drives are still under feet of water. Some of those suppliers sent dive teams into the water to un-bolt the heavy-duty equipment and have since moved those machines to other factories out of the flood zone. Surprisingly, very few of Seagate's employees homes have been directly affected by the flooding. Out of 15,400 employees, only 180 were among the 18 million affected. So what can we expect in the next year? Well, as any product shortage brings, we can expect higher prices and less availability.