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Seagate completes Samsung HDD acquisition

Posted: 26 Dec 2011     Print Version  Bookmark and Share

Keywords:HDD  acquisition 

Hard drives maker Seagate Technology said that it has completed the acquisition of Samsung Electronics' hard disk drive (HDD) business for Rs.7,142.86 crore ($1.4 billion).

The transaction, announced in April 2011, gives Seagate select elements of Samsung's HDD business, including assets, infrastructure and employees that enable Seagate to drive scale and innovation, Seagate said in its statement.

These assets include Samsung's M8 product line of 2.5-inch HDDs. Also, Samsung employees joining Seagate include a number of senior managers and design-engineering employees from Samsung's Korea facility.

However, to ease the transition of products and technologies, Seagate will retain certain Samsung HDD products under the Samsung brand name for 12 months, and maintain or establish a number of independent operations including sales staff, key production lines and R&D, said the company.

The transaction will substantially expand Seagate's customer access in China, Southeast Asia, Brazil, Germany and the Russian Federation.

"Together, Seagate and Samsung have aligned our current and future product development efforts and roadmaps in order to accelerate time-to-market efficiency for new products and position us to better address the increasing demands for storage," said Steve Luczo, Seagate chairman, president and CEO. "It is an exciting time in the industry with rapidly evolving opportunities in many markets including mobile computing, cloud computing, and solid state storage."

Samsung's N.Y. Park, senior vice president and general manager, will oversee Seagate's product development activities in Korea and serve as country manager of the Korea design centre, reporting to Bob Whitmore, Seagate's executive vice president and CTO. In addition, Samsung will designate a nominee to join Seagate's Board of Directors.

Seagate will provide additional financial information for the combined company on its fiscal second quarter conference call in late January.

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