NetApp to Fire 600 Employees

Here is a SEC filing published by NetApp, Inc.:

On March 12, 2014, NetApp, Inc. committed to a business realignment plan designed to focus its resources on key strategic initiatives and streamline its business in light of the constrained IT spending environment.

The company expects that the business realignment plan will be implemented through the end of the first quarter of fiscal 2015 and will include changes to the company’s worldwide headcount. As part of the business realignment plan, the company expects to reduce worldwide headcount by approximately 600 employees.

The company expects to incur aggregate charges of approximately $35 to $45 million for employee terminations and other costs associated with the business realignment plan. All of these charges are expected to be cash expenditures.

The company expects to recognize the majority of these charges in the fourth quarter of fiscal 2014.