Hitachi Completes Transfer of Hard Disk Drive Business to Western Digital
By: JCN Newswire
Posted on March 09, 2012 at 23:30 PM EST
Tokyo, Mar 9, 2012 - (JCN Newswire) - Hitachi Ltd announced that it has completed its transfer of Hitachi's Hard Disk Drive (HDD) business to Western Digital Corp. (WD), effective March 8, 2012 (U.S. Time).
Hitachi transferred all shares of Hitachi Global Storage Technologies' (Hitachi GST) holding company, Viviti Technologies Ltd, to WD for $3.9 billion in cash and 25 million shares of WD common stock valued at approximately $0.9 billion, which totaled to value of approximately $4.8 billion.
Hitachi now owns approximately 10% of WD shares outstanding and has a right to designate two individuals to the board of directors of WD. Steve Milligan, President and Chief Executive Officer of Hitachi GST, will join WD's senior management team as president.
Hitachi, Ltd., (NYSE: HIT / TSE: 6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 360,000 employees worldwide. Fiscal 2010 (ended March 31, 2011) consolidated revenues totaled 9,315 billion yen ($112.2 billion). Hitachi will focus more than ever on the Social Innovation Business, which includes information and telecommunication systems, power systems, environmental, industrial and transportation systems, and social and urban systems, as well as the sophisticated materials and key devices that support them. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.
About Hitachi Global Storage Technologies
Hitachi Global Storage Technologies is one of the world's largest suppliers of hard disk drives. It was founded in 2003 as a result of the strategic combination of Hitachi's and IBM's storage technology businesses. The company's goal is to enable users to fully engage in the digital lifestyle by providing access to large amounts of storage capacity in formats suitable for the office, on the road and in the home.
The company offers customers worldwide a comprehensive range of storage products for desktop computers, high-performance servers and mobile devices.
Hitachi Ltd Corporate Communications T: +81-3-3258-1111
Copyright 2011 JCN Newswire. All rights reserved. www.japancorp.net
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