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Seagate Technology updates financial outlook for fiscal third quarter 2012

Seagate Technology recently provided preliminary financial results for its fiscal second quarter ended December 30, 2011. The acquisition of Samsung Electronics Co., Ltd’s (“Samsung”) hard disk drive business closed on December 19, 2011 and these preliminary financial results include Samsung operating activity from that date.

The company shipped approximately 47 million disk drives, which included approximately 700,000 Samsung disk drives, and expects to report revenue for its fiscal second quarter 2012 of $3.1 – $3.2 billion. Before giving effect to charges related to the acquisition of Samsung’s hard disk drive business that are not yet determinable, the company expects gross margin as a percent of revenue to be at least 30.5%, operating expenses (Product Development, Marketing and Administrative) to be approximately $390 million, and diluted outstanding shares to be 440 million.
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Posted by on January 9, 2012 in Seagate

 

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Seagate completes acquisition of Samsung’s Hard Disk Drive business

Seagate Technology plc, a world leader in hard disk drives and storage solutions, today announced the closing of the transaction to acquire the hard disk drive (HDD) business of Samsung Electronics Co., Ltd., a world leader in digital consumer electronics and information technology.

Under the terms of the transaction, Seagate has gained select elements of Samsung’s HDD business, including assets, infrastructure and employees that enable Seagate to drive scale and innovation. These assets include Samsung’s leading M8 product line of high-capacity, 2.5-inch HDDs. Samsung employees joining Seagate include a number of senior managers and design-engineering employees from Samsung’s Korea facility, who will focus on development of small form-factor products for the mobile compute market. N.Y. Park, senior vice president and general manager, will oversee Seagate’s product development activities in Korea and serve as country manager of the Korea design center, reporting to Bob Whitmore, Seagate’s executive vice president and CTO.
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Posted by on January 4, 2012 in Seagate, Technology

 

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