Western Digital, one of the industry’s pioneers in providing data storage products, has announced recently that it has agreed to purchase the magnetic media operations of Hoya Corporation and Hoya Magnetics Singapore Pte. Ltd.
The acquisition worth 22 Billion Yen or approximately $235M will augment WD’s existing magnetic media operations and will strengthen its ability to meet growth in demand for hard drives.
According to John Coyne, president and chief executive officer of WD:
“This investment will enhance WD’s ability to support our customers’ growth. In addition to these assets, WD will also gain highly skilled and knowledgeable employees, valuable intellectual property and access to Singapore’s deep academic and technology resources. We expect a seamless transition with the integration of this well-run operation into WD, enabling immediate support of anticipated hard drive demand growth in 2010 and beyond.”
The acquisition, which is expected to close within the 2nd quarter of this year, includes the facilities, equipments, intellectual property rights, and capital of Hoya’s media operations in Tuas, Singapore and related equipments in the research and development facilities in Nagasaka, Japan.