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Hutchinson Issues Revenue Warning, Loses Seagate Biz

in News on April 3, 2009 at 8:47 am PT

Hutchinson Technology shares have collapsed after the company disclosed that Seagate intends to phase out the purchase of suspension assemblies from the company. Hutchinson says the change will occur over 18-24 months. In the March quarter, Hutchinson said, Seagate was about 19 percent of sales.