IRVINE, Calif. and TOKYO, March 6,
2012 /PRNewswire/ -- Western Digital Corp. (NYSE: WDC) and
Hitachi, Ltd. (NYSE: HIT / TSE:6501) today announced that having
obtained all required regulatory approvals for WD's acquisition of
Viviti Technologies Ltd. (holding company of Hitachi Global Storage
Technologies), they expect the acquisition to close on March 8, 2012. WD and Hitachi will provide more
information upon closing of the transaction.
About WD
WD, one of the storage industry's pioneers and long-time
leaders, provides products and services for people and
organizations that collect, manage and use digital information. The
company designs and produces reliable, high-performance hard drives
and solid state drives that keep users' data accessible and secure
from loss. Its advanced technologies are configured into
applications for client and enterprise computing, embedded systems
and consumer electronics, as well as its own consumer storage and
home entertainment products.
WD was founded in 1970. The company's storage products are
marketed to leading OEMs, systems manufacturers, selected resellers
and retailers under the Western Digital® and WD brand names. Visit
the Investor section of the company's website
(www.westerndigital.com) to access a variety of financial and
investor information.
About Hitachi, Ltd.
Hitachi, Ltd., (NYSE: HIT / TSE:6501), headquartered in
Tokyo, Japan, is a leading global
electronics company with approximately 360,000 employees worldwide.
Fiscal 2010 (ended March 31, 2011)
consolidated revenues totaled 9,315 billion
yen ($112.2 billion). Hitachi
will focus more than ever on the Social Innovation Business, which
includes information and telecommunication systems, power systems,
environmental, industrial and transportation systems, and social
and urban systems, as well as the sophisticated materials and key
devices that support them. For more information on Hitachi, please
visit the company's website at http://www.hitachi.com.
Western Digital Safe Harbor
This press release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. When used, the words "anticipates", "believes", "expects",
"may", "should" and similar expressions are intended to identify
such forward-looking statements. These forward-looking
statements include, but are not limited to, statements relating to
the expected timing of the completion of the acquisition. These
forward-looking statements are based on management's current
expectations and are subject to risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied in the forward-looking statements, including, but not
limited to, the risk that one or more conditions to the closing is
not timely satisfied or waived by the parties; and other risks and
uncertainties listed in the company's filings with the Securities
and Exchange Commission (the "SEC"), including the company's recent
Form 10-Q filed with the SEC on January 27,
2012, to which your attention is directed. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof, and the company
undertakes no obligation to update these forward-looking statements
to reflect subsequent events or circumstances.
Hitachi, Ltd. Cautionary Statement
Certain statements found in this document may constitute
"forward-looking statements" as defined in the U.S. Private
Securities Litigation Reform Act of 1995. Such "forward-looking
statements" reflect management's current views with respect to
certain future events and financial performance and include any
statement that does not directly relate to any historical or
current fact. Words such as "anticipate," "believe," "expect,"
"estimate," "forecast," "intend," "plan," "project" and similar
expressions which indicate future events and trends may identify
"forward-looking statements." Such statements are based on
currently available information and are subject to various risks
and uncertainties that could cause actual results to differ
materially from those projected or implied in the "forward-looking
statements" and from historical trends. Certain "forward-looking
statements" are based upon current assumptions of future events
which may not prove to be accurate. Undue reliance should not be
placed on "forward-looking statements," as such statements speak
only as of the date of this document.
Factors that could cause actual results to differ materially
from those projected or implied in any "forward-looking statement"
and from historical trends include, but are not limited to:
- economic conditions, including consumer spending and plant and
equipment investment in Hitachi's major markets, particularly
Japan, Asia, the United
States and Europe, as well
as levels of demand in the major industrial sectors Hitachi serves,
including, without limitation, the information, electronics,
automotive, construction and financial sectors;
- exchange rate fluctuations of the yen against other currencies
in which Hitachi makes significant sales or in which Hitachi's
assets and liabilities are denominated, particularly against the
U.S. dollar and the euro;
- uncertainty as to Hitachi's ability to access, or access on
favorable terms, liquidity or long-term financing;
- uncertainty as to general market price levels for equity
securities in Japan, declines in
which may require Hitachi to write down equity securities that it
holds;
- the potential for significant losses on Hitachi's investments
in equity method affiliates;
- increased commoditization of information technology products
and digital media-related products and intensifying price
competition for such products, particularly in the Components &
Devices and the Digital Media & Consumer Products
segments;
- uncertainty as to Hitachi's ability to continue to develop and
market products that incorporate new technologies on a timely and
cost-effective basis and to achieve market acceptance for such
products;
- rapid technological innovation;
- the possibility of cost fluctuations during the lifetime of, or
cancellation of, long-term contracts for which Hitachi uses the
percentage-of-completion method to recognize revenue from
sales;
- fluctuations in the price of raw materials including, without
limitation, petroleum and other materials, such as copper, steel,
aluminum, synthetic resins, rare metals and rare-earth minerals, or
shortages of materials, parts and components;
- fluctuations in product demand and industry capacity;
- uncertainty as to Hitachi's ability to implement measures to
reduce the potential negative impact of fluctuations in product
demand, exchange rates and/or price of raw materials or shortages
of materials, parts and components;
- uncertainty as to Hitachi's ability to achieve the anticipated
benefits of its strategy to strengthen its Social Innovation
Business;
- uncertainty as to the success of restructuring efforts to
improve management efficiency by divesting or otherwise exiting
underperforming businesses and to strengthen competitiveness and
other cost reduction measures;
- general socioeconomic and political conditions and the
regulatory and trade environment of countries where Hitachi
conducts business, particularly Japan, Asia,
the United States and Europe, including, without limitation, direct
or indirect restrictions by other nations on imports and
differences in commercial and business customs including, without
limitation, contract terms and conditions and labor relations;
- uncertainty as to the success of alliances upon which Hitachi
depends, some of which Hitachi may not control, with other
corporations in the design and development of certain key
products;
- uncertainty as to Hitachi's access to, or ability to protect,
certain intellectual property rights, particularly those related to
electronics and data processing technologies;
- uncertainty as to the outcome of litigation, regulatory
investigations and other legal proceedings of which the Company,
its subsidiaries or its equity method affiliates have become or may
become parties;
- the possibility of incurring expenses resulting from any
defects in products or services of Hitachi;
- the possibility of disruption of Hitachi's operations in
Japan by earthquakes, tsunamis or
other natural disasters, including the possibility of continuing
adverse effects on Hitachi's operations as a result of the
earthquake and tsunami that struck northeastern Japan on March 11,
2011;
- uncertainty as to Hitachi's ability to maintain the integrity
of its information systems, as well as Hitachi's ability to protect
its confidential information or that of its customers;
- uncertainty as to the accuracy of key assumptions Hitachi uses
to evaluate its significant employee benefit-related costs;
and
- uncertainty as to Hitachi's ability to attract and retain
skilled personnel.
The factors listed above are not all-inclusive and are in
addition to other factors contained in Hitachi's periodic filings
with the U.S. Securities and Exchange Commission and in other
materials published by Hitachi.
Western Digital, WD and the WD logo are registered trademarks of
Western Digital Technologies, Inc. All other trademarks mentioned
herein belong to their respective owners.
(Logo: http://photos.prnewswire.com/prnh/20000711/WDCLOGO)
SOURCE Western Digital Corp.