A US-owned technology company in Northern Ireland is to introduce financial cutbacks in an attempt to cope with the global economic downturn.
The announcement by Seagate in Derry follows the loss of 1,900 jobs at the Dell computer plant in Limerick last week.
The Seagate plant at Springtown in Derry makes components for hard drives and employs 1,400 people.
There were fears this morning that substantial job cuts were in the offing at the plant.
However a mass meeting of workers at the plant was told only a handful of jobs were being cut, although savings will be made by imposing a 10% pay cut on a third of the staff at Springtown.
The wage cut will apply to over 450 employees in Derry, including management, sales and professional staff. The lower-paid production workers will not be affected in the short term.
A Seagate spokesman said that globally, senior management in the company were taking pay cuts of 15-25%.
