Floods? What floods? Seagate to open new Thai disk fab

Despite the devastating and deadly floods in Thailand, Seagate will spend $30m (£19.1m) to finish building a new disk read-write head plant in the south-east Asian nation. The 29,800m2 plant will be in Nakhon Ratchasima province in the country's north east. This region has been hit twice by severe flooding, once in October …

[Yag]

What. The. Fudge?

"The 1 billion baht ($33 million) project involved erecting and equipping a new building, which, with the latest $30 million investment"

I suppose that 33M were already spent on the project, and they have to fork 30M more?

Well, indeed, it will be far less costly than the damages of the next flood...

erm... wait...

"WD said "unusual charges" related to the flooding, HGST acquisition expenses and a legal case with Seagate are forecast to cost $225m to $275m this quarter. It expects to file a property damage claim of at least $50m and make an additional claim for lost sales."

okay... It makes sense... NOT!

Either the project already cost far more than the stated $33M, or those corporate drones are dumber than a lemming.

Sigh... "I don't want to live on this planet anymore"

[mrfill]

another possibility...

is that they didnt read the original article properly. There is no mention of an extra $30m, just that the total cost is 1m THB (which is $31,211,810 on today's rate, not 33m). The original article also states "As of June 30, total investment in Seagate's Nakhon Ratchasima and Samut Prakan provinces was 38 billion baht." so this is not really a big deal in the rand scheme of things anyway..

[Figgus]

Sounds to me like Seagate's finances are about to be underwater.

[tmTM]

Hey

"Hey, Hey you hindsight......f**k you buddy"

-Seagate, 2011.

[Field Marshal Von Krakenfart]

WD & Seagate execs circa 2009

"You have to come to Thailand, the property prices are dirt cheap, the local architecture is so quaint, the locals still live in traditional Thai stilt houses... I've never seen such silly houses Ha ha ha ha ha"

In other news, Gen George Custer will lead the charge of the light brigade. Ships out today on the Titanic.

[Anonymous Coward]

Build it on a hill, preferably at the top.

[Anonymous Coward]

With a 100% price increase on HDs in the past few months

I'm sure the record profits and margins are paying for the new factory. Price gouging seems to work well in the crude oil industry also.