Company Snapshot: Seagate Technology (Ireland) Ltd
Rising tides at Seagate
Published 23/08/2011 | 08:00
Seagate Technology operates from a large fabrication plant in Derry city. The plant manufactures thin, film-recording head wafers for use in electronic equipment.
In the year up to June 2010, the turnover increased by 6%. This was the sixth year in succession that the total had increased and was approaching double the value of 2004.
The Seagate plant in Northern Ireland has the unusual distinction of manufacturing advanced components, which are then consigned to Malaysia and Thailand for incorporation in products.
In recent years, operating profits and pre-tax profits have varied broadly in line with changes in turnover. In the last six years, profits have doubled after a more difficult trading period in the early part of the last decade.
The company is one of Northern Ireland's larger employers, averaging 1,467 people in 2010. Employment numbers were just over 1,000 for several years until 2005.
The directors report for the last year gives details of a period of disruption to production following an incident of significant internal water damage in April 2010. Some items of plant and machinery were destroyed.
In financial terms, the company notes that it received compensation through its insurance policies, which was equal to the cost of replacing the assets destroyed.
Seagate Technology does not usually make any dividend payments to shareholders.