Seagate Technology Plc on Thursday said it planned to cut 1,050 jobs as part of a restructuring program. The company said it expected to save about $113 million annually from the restructuring and incur pretax charges of about $53 million.

Seagate expects to complete the restructuring by the end of the December quarter. The company expects to incur most of the pretax charges in the first quarter, it said.

Seagate has reported a fall in sales for the past two quarters, hurt by weak demand from original equipment manufacturers, including PC makers.

To help make up for a declining PC market, Seagate and rival Western Digital are expanding into the growing market for cloud data storage products.