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U.S. Federal Trade Commission Approves Hitachi-IBM Hard Disk Drive Venture

TOKYO & SAN JOSE, Calif. - 02 Dec 2002: Hitachi, Ltd. (NYSE: HIT, TSE: 6501) and IBM Corporation (NYSE: IBM - News) today announced that on November 27 the U.S. Federal Trade Commission (FTC) approved plans by Hitachi and IBM to combine their hard disk drive operations, forming a new company to be called Hitachi Global Storage Technologies.

Hitachi and IBM previously received antitrust approval for the proposed transaction from the European Commission, the Japan Fair Trade Commission, Brazil's Conselho Administrativo de Defesa Economica (CADE) and Taiwan's Fair Trade Commission.

Hitachi and IBM are waiting to receive approval from one jurisdiction.

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Contact(s) information

Kim Nguyen
IBM Media Relations
(408) 256-7589

Matt Takahashi
Hitachi America, Ltd.
(650) 244-7902

Yasuo Hirano
Hitachi, Ltd.

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