=?ISO-8859-1?Q?WD=AE_and_Hitachi_Expect_to_Close_Agreement_for_the?= =?ISO-8859-1?Q?_Sale_of_Hitachi's_HDD_Business_to_WD_on_March_8th?=
Poster: SySAdmin
Posted on March 6, 2012 at 6:07:01 PM
WD® and Hitachi Expect to Close Agreement for the Sale of Hitachi's HDD Business to WD on March 8th
IRVINE, Calif. and TOKYO, March 6, 2012 /PRNewswire/ -- Western Digital Corp. (NYSE: WDC) and Hitachi, Ltd. (NYSE: HIT / TSE:6501) today announced that having obtained all required regulatory approvals for WD's acquisition of Viviti Technologies Ltd. (holding company of Hitachi Global Storage Technologies), they expect the acquisition to close on March 8, 2012. WD and Hitachi will provide more information upon closing of the transaction.
About WD
WD, one of the storage industry's pioneers and long-time leaders, provides products and services for people and organizations that collect, manage and use digital information. The company designs and produces reliable, high-performance hard drives and solid state drives that keep users' data accessible and secure from loss. Its advanced technologies are configured into applications for client and enterprise computing, embedded systems and consumer electronics, as well as its own consumer storage and home entertainment products.
WD was founded in 1970. The company's storage products are marketed to leading OEMs, systems manufacturers, selected resellers and retailers under the Western Digital® and WD brand names. Visit the Investor section of the company's website (http://www.westerndigital.com)to access a variety of financial and investor information.
About Hitachi, Ltd.
Hitachi, Ltd., (NYSE: HIT / TSE:6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 360,000 employees worldwide. Fiscal 2010 (ended March 31, 2011) consolidated revenues totaled 9,315 billion yen ($112.2 billion). Hitachi will focus more than ever on the Social Innovation Business, which includes information and telecommunication systems, power systems, environmental, industrial and transportation systems, and social and urban systems, as well as the sophisticated materials and key devices that support them. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.
Western Digital Safe Harbor
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used, the words "anticipates", "believes", "expects", "may", "should" and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements relating to the expected timing of the completion of the acquisition. These forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including, but not limited to, the risk that one or more conditions to the closing is not timely satisfied or waived by the parties; and other risks and uncertainties listed in the company's filings with the Securities and Exchange Commission (the "SEC"), including the company's recent Form 10-Q filed with the SEC on January 27, 2012, to which your attention is directed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances.
Hitachi, Ltd. Cautionary Statement
Certain statements found in this document may constitute "forward-looking statements" as defined in the U.S. Private Securities Litigation Reform Act of 1995. Such "forward-looking statements" reflect management's current views with respect to certain future events and financial performance and include any statement that does not directly relate to any historical or current fact. Words such as "anticipate," "believe," "expect," "estimate," "forecast," "intend," "plan," "project" and similar expressions which indicate future events and trends may identify "forward-looking statements." Such statements are based on currently available information and are subject to various risks and uncertainties that could cause actual results to differ materially from those projected or implied in the "forward-looking statements" and from historical trends. Certain "forward-looking statements" are based upon current assumptions of future events which may not prove to be accurate. Undue reliance should not be placed on "forward-looking statements," as such statements speak only as of the date of this document.
Factors that could cause actual results to differ materially from those projected or implied in any "forward-looking statement" and from historical trends include, but are not limited to:
-- economic conditions, including consumer spending and plant and equipment
investment in Hitachi's major markets, particularly Japan, Asia, the
United States and Europe, as well as levels of demand in the major
industrial sectors Hitachi serves, including, without limitation, the
information, electronics, automotive, construction and financial
sectors;
-- exchange rate fluctuations of the yen against other currencies in which
Hitachi makes significant sales or in which Hitachi's assets and
liabilities are denominated, particularly against the U.S. dollar and
the euro;
-- uncertainty as to Hitachi's ability to access, or access on favorable
terms, liquidity or long-term financing;
-- uncertainty as to general market price levels for equity securities in
Japan, declines in which may require Hitachi to write down equity
securities that it holds;
-- the potential for significant losses on Hitachi's investments in equity
method affiliates;
-- increased commoditization of information technology products and digital
media-related products and intensifying price competition for such
products, particularly in the Components & Devices and the Digital Media
& Consumer Products segments;
-- uncertainty as to Hitachi's ability to continue to develop and market
products that incorporate new technologies on a timely and
cost-effective basis and to achieve market acceptance for such products;
-- rapid technological innovation;
-- the possibility of cost fluctuations during the lifetime of, or
cancellation of, long-term contracts for which Hitachi uses the
percentage-of-completion method to recognize revenue from sales;
-- fluctuations in the price of raw materials including, without
limitation, petroleum and other materials, such as copper, steel,
aluminum, synthetic resins, rare metals and rare-earth minerals, or
shortages of materials, parts and components;
-- fluctuations in product demand and industry capacity;
-- uncertainty as to Hitachi's ability to implement measures to reduce the
potential negative impact of fluctuations in product demand, exchange
rates and/or price of raw materials or shortages of materials, parts and
components;
-- uncertainty as to Hitachi's ability to achieve the anticipated benefits
of its strategy to strengthen its Social Innovation Business;
-- uncertainty as to the success of restructuring efforts to improve
management efficiency by divesting or otherwise exiting underperforming
businesses and to strengthen competitiveness and other cost reduction
measures;
-- general socioeconomic and political conditions and the regulatory and
trade environment of countries where Hitachi conducts business,
particularly Japan, Asia, the United States and Europe, including,
without limitation, direct or indirect restrictions by other nations on
imports and differences in commercial and business customs including,
without limitation, contract terms and conditions and labor relations;
-- uncertainty as to the success of alliances upon which Hitachi depends,
some of which Hitachi may not control, with other corporations in the
design and development of certain key products;
-- uncertainty as to Hitachi's access to, or ability to protect, certain
intellectual property rights, particularly those related to electronics
and data processing technologies;
-- uncertainty as to the outcome of litigation, regulatory investigations
and other legal proceedings of which the Company, its subsidiaries or
its equity method affiliates have become or may become parties;
-- the possibility of incurring expenses resulting from any defects in
products or services of Hitachi;
-- the possibility of disruption of Hitachi's operations in Japan by
earthquakes, tsunamis or other natural disasters, including the
possibility of continuing adverse effects on Hitachi's operations as a
result of the earthquake and tsunami that struck northeastern Japan on
March 11, 2011;
-- uncertainty as to Hitachi's ability to maintain the integrity of its
information systems, as well as Hitachi's ability to protect its
confidential information or that of its customers;
-- uncertainty as to the accuracy of key assumptions Hitachi uses to
evaluate its significant employee benefit-related costs; and
-- uncertainty as to Hitachi's ability to attract and retain skilled
personnel.
The factors listed above are not all-inclusive and are in addition to other factors contained in Hitachi's periodic filings with the U.S. Securities and Exchange Commission and in other materials published by Hitachi.
Western Digital, WD and the WD logo are registered trademarks of Western Digital Technologies, Inc. All other trademarks mentioned herein belong to their respective owners.
(Logo: http://photos.prnewswire.com/prnh/20000711/WDCLOGO)
SOURCE Western Digital Corp.
Photo:http://photos.prnewswire.com/prnh/20000711/WDCLOGO
http://photoarchive.ap.org/
Western Digital Corp.
CONTACT: CONTACTS: Bob Blair, Investor Relations, +1-949-672-7834, robert.blair@wdc.com, or Steve Shattuck, Public Relations, +1-949-672-7817, steve.shattuck@wdc.com, both of Western Digital; or Hajime Kito of Hitachi, Ltd., +81-3-5208-9323, hajime.kito.qy@hitachi.com
Web Site: http://www.westerndigital.com
IRVINE, Calif. and TOKYO, March 6, 2012 /PRNewswire/ -- Western Digital Corp. (NYSE: WDC) and Hitachi, Ltd. (NYSE: HIT / TSE:6501) today announced that having obtained all required regulatory approvals for WD's acquisition of Viviti Technologies Ltd. (holding company of Hitachi Global Storage Technologies), they expect the acquisition to close on March 8, 2012. WD and Hitachi will provide more information upon closing of the transaction.
About WD
WD, one of the storage industry's pioneers and long-time leaders, provides products and services for people and organizations that collect, manage and use digital information. The company designs and produces reliable, high-performance hard drives and solid state drives that keep users' data accessible and secure from loss. Its advanced technologies are configured into applications for client and enterprise computing, embedded systems and consumer electronics, as well as its own consumer storage and home entertainment products.
WD was founded in 1970. The company's storage products are marketed to leading OEMs, systems manufacturers, selected resellers and retailers under the Western Digital® and WD brand names. Visit the Investor section of the company's website (http://www.westerndigital.com)to access a variety of financial and investor information.
About Hitachi, Ltd.
Hitachi, Ltd., (NYSE: HIT / TSE:6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 360,000 employees worldwide. Fiscal 2010 (ended March 31, 2011) consolidated revenues totaled 9,315 billion yen ($112.2 billion). Hitachi will focus more than ever on the Social Innovation Business, which includes information and telecommunication systems, power systems, environmental, industrial and transportation systems, and social and urban systems, as well as the sophisticated materials and key devices that support them. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.
Western Digital Safe Harbor
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used, the words "anticipates", "believes", "expects", "may", "should" and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements relating to the expected timing of the completion of the acquisition. These forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including, but not limited to, the risk that one or more conditions to the closing is not timely satisfied or waived by the parties; and other risks and uncertainties listed in the company's filings with the Securities and Exchange Commission (the "SEC"), including the company's recent Form 10-Q filed with the SEC on January 27, 2012, to which your attention is directed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances.
Hitachi, Ltd. Cautionary Statement
Certain statements found in this document may constitute "forward-looking statements" as defined in the U.S. Private Securities Litigation Reform Act of 1995. Such "forward-looking statements" reflect management's current views with respect to certain future events and financial performance and include any statement that does not directly relate to any historical or current fact. Words such as "anticipate," "believe," "expect," "estimate," "forecast," "intend," "plan," "project" and similar expressions which indicate future events and trends may identify "forward-looking statements." Such statements are based on currently available information and are subject to various risks and uncertainties that could cause actual results to differ materially from those projected or implied in the "forward-looking statements" and from historical trends. Certain "forward-looking statements" are based upon current assumptions of future events which may not prove to be accurate. Undue reliance should not be placed on "forward-looking statements," as such statements speak only as of the date of this document.
Factors that could cause actual results to differ materially from those projected or implied in any "forward-looking statement" and from historical trends include, but are not limited to:
-- economic conditions, including consumer spending and plant and equipment
investment in Hitachi's major markets, particularly Japan, Asia, the
United States and Europe, as well as levels of demand in the major
industrial sectors Hitachi serves, including, without limitation, the
information, electronics, automotive, construction and financial
sectors;
-- exchange rate fluctuations of the yen against other currencies in which
Hitachi makes significant sales or in which Hitachi's assets and
liabilities are denominated, particularly against the U.S. dollar and
the euro;
-- uncertainty as to Hitachi's ability to access, or access on favorable
terms, liquidity or long-term financing;
-- uncertainty as to general market price levels for equity securities in
Japan, declines in which may require Hitachi to write down equity
securities that it holds;
-- the potential for significant losses on Hitachi's investments in equity
method affiliates;
-- increased commoditization of information technology products and digital
media-related products and intensifying price competition for such
products, particularly in the Components & Devices and the Digital Media
& Consumer Products segments;
-- uncertainty as to Hitachi's ability to continue to develop and market
products that incorporate new technologies on a timely and
cost-effective basis and to achieve market acceptance for such products;
-- rapid technological innovation;
-- the possibility of cost fluctuations during the lifetime of, or
cancellation of, long-term contracts for which Hitachi uses the
percentage-of-completion method to recognize revenue from sales;
-- fluctuations in the price of raw materials including, without
limitation, petroleum and other materials, such as copper, steel,
aluminum, synthetic resins, rare metals and rare-earth minerals, or
shortages of materials, parts and components;
-- fluctuations in product demand and industry capacity;
-- uncertainty as to Hitachi's ability to implement measures to reduce the
potential negative impact of fluctuations in product demand, exchange
rates and/or price of raw materials or shortages of materials, parts and
components;
-- uncertainty as to Hitachi's ability to achieve the anticipated benefits
of its strategy to strengthen its Social Innovation Business;
-- uncertainty as to the success of restructuring efforts to improve
management efficiency by divesting or otherwise exiting underperforming
businesses and to strengthen competitiveness and other cost reduction
measures;
-- general socioeconomic and political conditions and the regulatory and
trade environment of countries where Hitachi conducts business,
particularly Japan, Asia, the United States and Europe, including,
without limitation, direct or indirect restrictions by other nations on
imports and differences in commercial and business customs including,
without limitation, contract terms and conditions and labor relations;
-- uncertainty as to the success of alliances upon which Hitachi depends,
some of which Hitachi may not control, with other corporations in the
design and development of certain key products;
-- uncertainty as to Hitachi's access to, or ability to protect, certain
intellectual property rights, particularly those related to electronics
and data processing technologies;
-- uncertainty as to the outcome of litigation, regulatory investigations
and other legal proceedings of which the Company, its subsidiaries or
its equity method affiliates have become or may become parties;
-- the possibility of incurring expenses resulting from any defects in
products or services of Hitachi;
-- the possibility of disruption of Hitachi's operations in Japan by
earthquakes, tsunamis or other natural disasters, including the
possibility of continuing adverse effects on Hitachi's operations as a
result of the earthquake and tsunami that struck northeastern Japan on
March 11, 2011;
-- uncertainty as to Hitachi's ability to maintain the integrity of its
information systems, as well as Hitachi's ability to protect its
confidential information or that of its customers;
-- uncertainty as to the accuracy of key assumptions Hitachi uses to
evaluate its significant employee benefit-related costs; and
-- uncertainty as to Hitachi's ability to attract and retain skilled
personnel.
The factors listed above are not all-inclusive and are in addition to other factors contained in Hitachi's periodic filings with the U.S. Securities and Exchange Commission and in other materials published by Hitachi.
Western Digital, WD and the WD logo are registered trademarks of Western Digital Technologies, Inc. All other trademarks mentioned herein belong to their respective owners.
(Logo: http://photos.prnewswire.com/prnh/20000711/WDCLOGO)
SOURCE Western Digital Corp.
Photo:http://photos.prnewswire.com/prnh/20000711/WDCLOGO
http://photoarchive.ap.org/
Western Digital Corp.
CONTACT: CONTACTS: Bob Blair, Investor Relations, +1-949-672-7834, robert.blair@wdc.com, or Steve Shattuck, Public Relations, +1-949-672-7817, steve.shattuck@wdc.com, both of Western Digital; or Hajime Kito of Hitachi, Ltd., +81-3-5208-9323, hajime.kito.qy@hitachi.com
Web Site: http://www.westerndigital.com