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Turning heads by making them Read-Rite began in 1983, when two coworkers at Memorex struck out on their own for the glamorous world of magnetic disk recording heads. Founders Jack Osborne and Peter Bischoff struggled for years with high development and equipment costs, and stealthy competitors. Read Rite's first moneymaker was the microslider, a smaller and more efficient version of the device that carries the head over a rotating disk to process information, introduced in 1989. The company went public in 1991, and kicked off a joint venture with Japanese steel giant Sumitomo Metal Industries (SMI) to make disk drive components for Japan. The same year, Read Rite edged into the market for headstack assemblies with the acquisition of a Malaysian assembly plant, and introduced the nanoslider, an improved version of the microslider. Riding the PC wave Falling disk drive prices and order cancellations in the early nineties pushed Read-Rite to transform into a low-cost supplier. In 1994, the company built its own fabrication plant in Fremont, California, and acquired Sunward Technologies in a stock swap. Read-Rite and Komag partnered up in 1995 to develop advanced disks and heads. Increased demand for business and personal computers boosted the company's sales to more than $1 billion the same year. Big head-aches The company's growing hold on the high-capacity disk drive market was stunted in 1995, when one of the company's best customers, Quantum, began making its own heads. In 1996, Read-Rite began making magnetoresistive heads for 3.5" disk drives with one gigabyte capacity. Sales tumbled when Western Digital moved to a Read-Rite rival, after the company failed to produce design customizations for its client. In 1997, Applied Magnetics launched a $1.7 billion hostile takeover bid for Read-Rite, which it retracted when its stock prices began to fall. Reading the Riting on the wall Read-Rite has been enduring near-impossible conditions for disk drive head makers since the mid-1990s. The company has had to deal with fierce pricing wars among disk drive players. More former partners (including IBM and Seagate Technology) have become competitors as they have decided to build their components in house. Industry conditions have worsened even further because of a trend toward fewer heads per drive. From a high of $50 a few years earlier, the company's stock was trading at around $2.50 in early 2000 amid huge losses. Read-Rite has had to cut costs dramatically (including major layoffs in 1998 and 1999) and reorganize in an effort to stay out of the disk drive head maker graveyard, where it would join Applied Magnetics and Yamaha's drive head making business. In June 2000 the company named Alan Lowe as its new CEO.
Visit the "Employment" section of Read-Rite's web site for details on job openings. Resumes can be sent or faxed to company headquarters, or e-mailed to resume@readrite.com. Says one insider: "Recruitment is done on many fronts - colleges, headhunters, and referrals are all used." As for the interview process: "in general it takes at least two rounds. The first interview is very relaxed and informal. At this interview, the hiring manager is just trying to get a feel of the person. When the hiring manager likes you, he will bring you back for a second interview. The second interview is more stressful. That is when we ask you more technical questions and you meet higher level managers."
One veteran of five high-tech companies says of Read-Rite, "In my opinion, it's the best place you could work." Employees at "RR" praise the lack of office politics, and the laid back dress code. "There's no dress code here, in fact, most people here are very casual." Unlike some super-relaxed high tech companies, however "shorts are not allowed." "Work hours are very reasonable," and the pay is comparable to other companies in the industry. Explains one insider about the hours: "In general the hours are flexible but you usually work them out with your manager." Says another: "there are times I work six hours a day and there are times when I work 12 hours a day." As for the treatment of minorities, Read-Rite draws a global work force, with "all kind of people from all around the world." Employees report, "There are a wide variety of opportunities here at RR and there appears to be no barriers based on sex, age, or race." Says one: "ocassionally, people get sent offshore to work on special projects - Thailand or the Philippines" (where the company has manufacturing plants). RR also has a manufacturing plant in Malaysia and a suport office in Singapore. Says one RR veteran: "I think it's safe to say that this company employs about 45 percent Asian - and that's just here in Califonria." Summing up, one employee notes, "the company spends a considerable amount of time and effort to keep the workplace functioning smoothly and efficiently." Perks include a 401-K plan, stock options, a stock purchase plan, and performance-based cash bonuses.
Human Resources
Acal; Alps Electric;Applied Magnetics;Fujitsu;Hitachi;IBM;JTS;Kabool;The Kaifa Group;Komag;Matsushita;NEC;Quantum;SANYO;Seagate;Sony;TDK;Toshiba; Yamaha More Company Profiles For more career information, go to Vault.com ©2000, Vault.com Inc
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