Hitachi and IBM Complete Hard Disk Drive Agreement

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S</span></strong><strong><span>AN JOSE, Calif. - 31 Dec 2002: IBM today announced it has completed an agreement to combine its hard disk drive operations with Hitachi's, forming a new company called Hitachi Global Storage Technologies.

Under the agreement, Hitachi has purchased the majority of IBM's HDD-related assets for $2.05 billion. As planned, Hitachi paid 70 percent of the purchase price to IBM today. Hitachi will pay the remainder to IBM over the next three years.

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