Seagate Announces Decision From MOFCOM Allowing Integration of Samsung HDD Business to Proceed Without Restrictions
22 Ottobre 2015 - 8:30PM
Business Wire
Seagate Technology plc (NASDAQ: STX), a world leader in storage
solutions, today announced a decision from China’s Ministry of
Commerce (“MOFCOM”), allowing the Company to now integrate
Samsung’s hard disk drive business (“Samsung”) completely into
Seagate, free from any restrictions.
The agency’s decision is the result of an ongoing dialogue
regarding the “hold separate” conditions it required of Seagate
following its acquisition of Samsung's HDD business in 2011.
“Today’s decision marks an important step forward for Seagate,
as we continue to evolve our strategy to meet the dynamic demands
of the storage industry,” said Steve Luczo, chairman and chief
executive officer of Seagate. “We were pleased by the constructive
dialogue we had with MOFCOM throughout this process, which reflects
in part our strong long-term presence, significant ongoing
investment, and deep relationships in China, and we look forward to
finalizing the integration of Samsung’s HDD business.”
As part of the decision announced today, MOFCOM has maintained
the requirement that Seagate allow customers to buy products from
other vendors, and that they not compel TDK China Ltd to sell HDD
heads exclusively to Seagate.
About Seagate
Seagate creates space for the human experience by innovating how
data is stored, shared and used. Learn more at www.seagate.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, each as
amended, including, in particular, statements about our plans,
strategies and prospects and estimates of industry growth for the
fiscal quarter January 1, 2016 and the fiscal year ending July 1,
2016 and beyond. These statements identify prospective information
and may include words such as “expects,” “intends,” “plans,”
“anticipates,” “believes,” “estimates,” “predicts,” “projects”,
“continue to”, and similar expressions. These forward-looking
statements are based on information available to the Company as of
the date of this press release and are based on management’s
current views and assumptions. These forward-looking statements are
conditioned upon and also involve a number of known and unknown
risks, uncertainties, and other factors that could cause actual
results, performance or events to differ materially from those
anticipated by these forward-looking statements. Such risks,
uncertainties, and other factors may be beyond the Company’s
control and may pose a risk to the Company’s operating and
financial condition. Such risks and uncertainties include, but are
not limited to: the uncertainty in global economic conditions; the
impact of the variable demand and adverse pricing environment for
disk drives, particularly in view of current business and economic
conditions; the Company’s ability to successfully qualify,
manufacture and sell its disk drive products in increasing volumes
on a cost-effective basis and with acceptable quality, particularly
the new disk drive products with lower cost structures; the impact
of competitive product announcements; currency fluctuations that
may impact the Company’s margins and international sales; possible
excess industry supply with respect to particular disk drive
products; disruptions to our supply chain or production
capabilities; unexpected advances in competing technologies; the
development and introduction of products based on new technologies
and expansion into new data storage markets; and the Company’s
ability to achieve projected cost savings in connection with
restructuring plans and fluctuations in interest rates. Information
concerning risks, uncertainties and other factors that could cause
results to differ materially from the expectations described in
this press release is contained in the Company’s Annual Report on
Form 10-K filed with the U.S. Securities and Exchange Commission on
August 11, 2015, the “Risk Factors” section of which is
incorporated into this press release by reference, and other
documents filed with or furnished to the Securities and Exchange
Commission. These forward-looking statements should not be relied
upon as representing the Company’s views as of any subsequent date
and the Company undertakes no obligation to update forward-looking
statements to reflect events or circumstances after the date they
were made.
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version on businesswire.com: http://www.businesswire.com/news/home/20151022006423/en/
Media Relations Contact:Seagate Technology plcEric DeRitis,
408-658-2561eric.deritis@seagate.com
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