More than 100 staff at Seagate Technology in Londonderry are to be made redundant, BBC News NI understands.
Speculation had been mounting for weeks that there would be job losses at the Springtown factory as part of a global restructuring operation by the company.Some managers had already been informed they are to take a pay cut of 10%.Opened in 1993, the factory produces a tiny specialised part for hard drives called a recording head.
Mr Morley announced that revenue had come in "at the low-end of our guidance range", making "a severe impact on our reported margins and profitability".
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