Western Digital Corp. (NYSE: WDC) today announced that it has completed its divestiture of certain 3.5-inch hard drive assets to Toshiba Corporation, as required by regulatory agencies that conditionally approved the company's completed acquisition of Viviti Technologies Ltd. (formerly Hitachi Global Storage Technologies).
The assets will enable Toshiba to manufacture and sell 3.5-inch hard drives for the desktop and consumer electronics markets and will enhance its ability to manufacture and sell 3.5-inch hard drives for near-line (business critical) applications.
As part of its deal with Toshiba, WD® also completed its purchase of Toshiba Storage Device (Thailand) Company Limited (TSDT), which manufactured hard drives prior to the recent Thailand flooding. The principal assets of TSDT are its Thailand property, facilities and employees, which WD plans to integrate into its Thailand operations. The financial terms of the two agreements were not disclosed.
WD, a storage industry pioneer and long-time leader, provides products and services for people and organizations that collect, manage and use digital information. The company designs and produces reliable, high-performance hard drives and solid state drives that keep users' data accessible and secure from loss. Its storage technologies serve a wide range of host applications including client and enterprise computing, embedded systems and consumer electronics, as well as its own storage systems. Its home entertainment products enable rich engagement with stored digital content.
WD was founded in 1970. The company's products are marketed to leading OEMs, systems manufacturers, selected resellers and retailers under the Western Digital®, WD® and HGST™ brand names. Visit the Investor section of the company's website (www.westerndigital.com)to access a variety of financial and investor information.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used, the words "anticipates", "believes", "expects", "may", "should" and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements relating to the company’s plans to integrate TSDT into its Thailand operations. These forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including, but not limited to, other risks and uncertainties listed in the company's filings with the Securities and Exchange Commission (the "SEC"), including the company's recent Form 10-Q filed with the SEC on May 9, 2012, to which your attention is directed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances.
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