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Hitachi to spin off its HDD business

Posted on Monday, November 08 2010 @ 17:17:44 CET by

Hitachi announced it plans to spin off its hard disk business unit by seeking a listing on the NYSE or Nasdaq. Interestingly, while Hitachi is seeking an IPO for its HDD business, competitor Seagate intends to go private again.
Hitachi GST expects to use the proceeds of the initial public offering for, among other things, ongoing operating and capital expenditures, research and development, strategic activities and general corporate purposes. Hitachi and Hitachi GST will monitor economic and capital market conditions relative to the timing of the proposed initial public offering.
Source: X-bit Labs



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