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IBM Completes Disk Drive Sale

Dec 30, 2002 (07:12 PM EST)

Read the Original Article at http://www.informationweek.com/news/showArticle.jhtml?articleID=6504555


In a filing today with the Securities and Exchange Commission, IBM said it has completed the previously announced sale of its disk drive manufacturing operations to Hitachi Ltd. for $2.05 billion.

Hitachi paid IBM 70% of the purchase price today and will pay the remainder over the next three years. Hitachi will operate the business under a new subsidiary called Hitachi Global Storage Technologies.