Cayman hard drive maker Seagate has announced a new round of layoffs, to be completed by the end of July.

Around 1,100 employees will be shown the door, and the company will incur restructuring charges of around $72 million due to severance payments. In the long run, the move is expected to save Seagate $125 million annually.

Since July 2009, Seagate has shed a quarter of its workforce cost, and says it will continue to assess its option to further reduce operating cost. In the last quarter the company reported a $273 million loss on $2.1 billion of revenue.

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