Hutchinson Technology to layoff 1100, cuts salary for the rest

As the recession tightens its grip on the manufacturing sector, disk-drive component maker Hutchinson Technology Inc. said that it will slash its workforce 20 to 25 percent -- cutting as many as 1,100 of the company's 4,500 jobs -- because of slowing demand.
Remaining employees will have their pay cut 5 percent, and the company also is planning a two-week shutdown with mandatory time off starting later this month.
The company isn't saying where the cuts will fall, but about 2,300 of the company's employees work at its headquarters campus in Hutchinson, Minn.