
Details of joint venture announced...
Published: 5 June 2002 07:40 BST
Hitachi is to pay £1.4bn for much of IBM's hard disk business.
Hitachi will initially own a 70 per cent stake in IBM's hard disk business and for the next three years the two companies will operate it as a joint venture until Hitachi gains overall control.
The deal was tentatively announced earlier this year (http://www.silicon.com/a52752 ) but further details have now been finalised and released.
Hitachi's current MD, Jun Naruse, will be the CEO of the new venture which will be based at IBM's disk manufacturing offices in San Jose, Califonia.
Board members and staff will come from both companies.
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