IBM disk drive arm sold to Hitachi
Post date:
Thursday, January 2, 2003 - 02:00
IBM disk drive arm sold to Hitachi
2002 closed and so did the sale of the hard disk drive arm of IBM to Hitachi. IBM submitted papers to the Securities and Exchange Commission in the United States on the 31st of December to complete the deal.
Hitachi has purchased the IBM disk drive manufacturing operation and related assets for US$2.05 billion; 70 per cent of the purchase price was exchanged on New Year's Eve and Hitachi will pay the remainder over the next three years.
Hitachi will form a new division, Hitachi Global Storage Technologies from the old IBM company, and will take on leaders in the disk drive market such as Seagate.
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