Seagate Technology, one of the top hard drive manufacturers in the world, announced yesterday it had acquired select elements of Samsung’s HDD business, for a sum of $1.4 billion.
Steve Luczo, Seagate CEO, said:
"Together, Seagate and Samsung have aligned our current and future product development efforts and roadmaps in order to accelerate time-to-market efficiency for new products and position us to better address the increasing demands for storage. It is an exciting time in the industry with rapidly evolving opportunities in many markets including mobile computing, cloud computing, and solid state storage."
Oh-Hyun Kwon, vice chairman of Device Solutions of Samsung Electronics, added:
"The strategic relationship will open new opportunities for the two companies by mutually complementing each other's creative technology solutions for a broad diversity of IT applications."
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