Seagate Technology today announced that its Board of Directors has approved an increase to its existing stock repurchase program pursuant to which up to an additional $500 million may be expended to repurchase shares of its Common Stock in the open market. This represents an increase to the existing $600 million stock repurchase program approved by the Board in June 1997. Under the stock repurchase program, repurchases may be made from time to time, depending on market conditions, share price and other factors.
As of February 15, 1999, Seagate had repurchased nearly 15.3 million shares of its Common Stock for an aggregate consideration of nearly $514 million under the existing authorization, including over 12 million shares purchased during its current fiscal year, for a total consideration of nearly $426 million.
Seagate Technology, Inc. is a leading provider of technology and products enabling people to store, access, and manage information. The Company is committed to providing best-in-class products to help people get information when, where and how they want it. Seagate is the world`s largest manufacturer of disc drives, magnetic discs and read-write heads, an innovator in tape drives, and a leading developer of Enterprise Information Management software. Seagate can be found around the globe and on the World Wide Web at http://www.seagate.com. For automated news, stock and financial information by phone, dial +1 (760) 704-4368.
All Seagate Technology storage products are fully Year 2000 compliant.
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