Seagate Technology PLC said Thursday that it would cut 2% of its global workforce, citing weak demand.

The Dublin-based data storage firm, which in July cut guidance for the current quarter and most recently reported a 26% decline in quarterly profit, said it would eliminate about 1,050 jobs.

Seagate said the reduction is part of a plan "intended to realign its cost structure with the current macroeconomic business environment."

The cost restructuring plan is expected to be largely completed by year-end, the company said, and is expected to result in pretax charges of about $53 million. Most of those charges will be booked in the quarter ending Sept. 30.

Seagate expects to realize about $113 million in annual savings from the plan.

Write to Lisa Beilfuss at lisa.beilfuss@wsj.com

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(END) Dow Jones Newswires

September 10, 2015 07:45 ET (11:45 GMT)

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