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Fujitsu to Split Off HDD Business in Reorganization |
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Written by Dragana Dimitrijevic
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Thursday, 21 May 2009 |
Fujitsu Limited ("Fujitsu") today announced that it will split off its hard disk drive business ("HDD business") and merge the business into its wholly owned subsidiary, Toshiba Storage Device Corporation ("Toshiba Storage Device"), through a simple absorption-type separation, on July 1, 2009.
On April 30, 2009, Fujitsu Limited signed a definitive agreement with Toshiba to transfer ownership of its HDD business. This corporate split is part of the implementation of the ownership transfer. In a transaction scheduled for July 1, 2009, Fujitsu will then sell 80.1 percent of its shares of Toshiba Storage Device to Toshiba Corporation ("Toshiba"). By the end of December 2010, Fujitsu plans to sell its remaining 19.9 percent to Toshiba, at which point Toshiba Storage Device will become a wholly owned subsidiary of Toshiba.
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