SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): November 16, 1995
STORAGE TECHNOLOGY CORPORATION
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(Exact Name of Registrant As Specified In Its Charter)
Delaware 1-7534 84-0593263
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(State or other (Commission (IRS Employer
Jurisdiction of File Number) Identification
Incorporation No.)
2270 South 88th Street, Louisville, Colorado 80028-4309
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (303) 673-5151
Not applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events
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On November 16, 1995, the Registrant announced that its Board of
Directors had approved a restructuring plan and that it expects to incur a
writedown of approximately $150 million -- mostly in the fourth quarter of
1995 -- to cover expenses associated with the restructuring.
The restructuring plan calls for consolidation of facilities,
centralization of logistics and support activities, and the elimination of
non-core functions and businesses. The reengineering of the Company's
operating model is expected, in turn, to lead to job reductions amounting to
approximately 1,500 people over the next year.
Included in the restructuring is a reduction of both leased and
owned facilities, the largest of which is the 553,000 sq. ft. Longmont,
Colorado, manufacturing and development location owned by the Company. That
facility is expected to be phased down over approximately the next 18
months. Activity at Longmont is planned to be consolidated in other
StorageTek facilities, predominantly in Louisville, Colorado.
The job reductions are scheduled to be implemented throughout
1996, with the majority falling into the first half of the year.
Approximately 1,000 of the jobs are located in Colorado.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Storage Technology Corporation
By: /S/ MARK D. MCGREGOR
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Mark D. McGregor
Corporate Vice President
and Treasurer
Date: November 21, 1995
