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fishweed

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fishweed

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Re: extelecom post# 60351

Tuesday, 12/31/2002 1:00:26 PM

Tuesday, December 31, 2002 1:00:26 PM

Post# of 704019
extelecom
Here's the news release:

Hitachi and IBM Complete Hard Disk Drive Agreement

SAN JOSE, Calif.(BUSINESS WIRE)--Dec. 31, 2002--IBM (NYSE: IBM) today announced it has completed an agreement to combine its hard disk drive operations with Hitachi's, forming a new company called Hitachi Global Storage Technologies.
Under the agreement, Hitachi has purchased the majority of IBM's HDD-related assets for $2.05 billion. As planned, Hitachi paid 70 percent of the purchase price to IBM today. Hitachi will pay the remainder to IBM over the next three years.



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