Toshiba and Fujitsu conclude final agreement on HDD business transfer

Tokyo: Toshiba Corporation and Fujitsu Limited today aid that they have concluded a definitive agreement on the transfer of Fujitsu's hard disk drive (HDD) business to Toshiba. The agreement follows a memorandum of understanding (MoU) signed by the companies on 17 February 2009.

In January, Toshiba had confirmed media reports it is talking with Fujitsu about buying Fujitsu's hard-disk drive business, (See: Toshiba may buy Fujitsu's hard-disk drive business to emerge as top manufacturer in the world) in a deal reported to have been between 30 to 40 billion yen ($333 to $444 million).

The companies will now seek to complete the business transfer by the target date of July 1st, 2009.

Details of Transfer
Fujitsu's HDD related business and functions will be transferred to a new company, Toshiba Storage Device Corporation (TSDC).

Fujitsu's HDD manufacturing subsidiaries, Fujitsu Computer Products Corporation of the Philippines (FCPP) and Fujitsu (Thailand) Co., Ltd. (FTC), will become Toshiba Storage Device (Philippines), Inc. (TSDP) and Toshiba Storage Device (Thailand) Co, Ltd.(TSDT).

The HDD related business of Yamagata Fujitsu Limited will become Toshiba Storage Device Yamagata Corporation (TSDY). Upon completion of the transfer, these three companies will become wholly owned subsidiaries of TSDC.