Shares of Seagate Technology plunged Monday after the hard drive maker announced it will lay off 10 percent of its U.S. work force in response to economic turmoil.

In a Securities and Exchange Commission filing, Seagate said it will disclose details of its restructuring program later this month. Layoffs will affect a broad range of departments including research and development, the company said.

Seagate shares fell 89 cents, or 15.8 percent, to $4.75 in afternoon trading. The stock has ranged from $3.67 to $24.11 over the past year. (BusinessWeek)