|[December 02, 2013]
Toshiba Corporation to Purchase Assets of OCZ
TOKYO --(Business Wire)--
Toshiba (News - Alert) Corporation (TOKYO:6502) today announced that it has entered
into an agreement at December 2 with OCZ Technology Group, Inc. to
acquire substantially all the assets of OCZ Technology's SSD business.
The transaction will be completed through a sale and auction process
pursuant to Section 363 of the U.S. Bankruptcy Code, and subject to
approval by the bankruptcy court supervising OCZ Technology's Chapter 11
bankruptcy. If Toshiba is selected as the successful bidder, subject to
court and other regulatory approvals, the company expects to complete
the acquisition in January 2014.
"We are excited to participate in this opportunity. If our bid is
successful, the combination of our leading NAND technology with OCZ's
SSD expertise will allow us to further strengthen Toshiba's SSD
business," said Mr. Seiichi Mori, Vice President of Toshiba's
Semiconductor and Storage Company and Corporate Vice President of
Toshiba. "We value OCZ's SSD buiness and technology in both the
consumer and enterprise markets, and we are confident that it will
reinforce our capabilities and help us to secure leadership in the SSD
"OCZ looks forward to becoming part of Toshiba, a world leader in flash
memory and storage solutions," explained Ralph Schmitt CEO of OCZ
Technology. "Toshiba brings the necessary capital and NAND flash supply
and expertise, which together with our leading edge solid state drive
technology will enable us to provide client and enterprise customers
with a very compelling total storage solution. This combination will
make for an unstoppable force in the highly competitive SSD market."
Toshiba is a world-leading diversified manufacturer, solutions provider
and marketer of advanced electronic and electrical products and systems.
Toshiba Group brings innovation and imagination to a wide range of
businesses: digital products, including LCD TVs, notebook PCs, retail
solutions and MFPs; electronic devices, including semiconductors,
storage products and materials; industrial and social infrastructure
systems, including power generation systems, smart community solutions,
medical systems and escalators & elevators; and home appliances.
Toshiba was founded in 1875, and today operates a global network of more
than 590 consolidated companies, with 206,000 employees worldwide and
annual sales surpassing 5.8 trillion yen (US$61 billion). Visit
Toshiba's web site at www.toshiba.co.jp/index.htm
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