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Falling demand forces Hutchinson Technology to slash jobs, restructure costs

Hutchinson Technology says it plans to slash 20 to 25 percent of its workforce because of falling demand for the disc-drive components it manufactures.

The company employs about 4,500 people and is headquartered in Hutchinson, Minn. It’s forecasting losses for the first quarter of 2009, and the job cuts are part of a restructuring to reduce annual costs between $65 million and $80 million.

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