Hitachi takes over IBM's hard drive business
The hard disk business of IBM will in the future be led by the Japanese electronics manufacturer Hitachi. Hitachi will initially have a clear majority of 70 percent in the new joint venture and will eventually take over the company completely in three years.
The purchase price will amount to $ 2.05 billion. The new group will be headquartered in San Jose, California, and will also have 11 additional locations with a workforce of 24,000. Initially the management will consist of employees from IBM and Hitachi, later logically only from employees from Hitachi.