Hitachi Global Storage Technologies to Commence Preparation for an Initial Public Offering
Tokyo, Japan and San Jose, Calif., U.S., November 2, 2010 --- Hitachi, Ltd. (NYSE: HIT / TSE:6501, hereinafter Hitachi) and Hitachi Global Storage Technologies (hereinafter Hitachi GST), its wholly owned subsidiary, today announced that Hitachi GST has commenced preparation to make its initial public offering with a listing on the New York Stock Exchange or National Association of Securities Dealers Automated Quotations (Nasdaq) in cooperation with Hitachi.
Hitachi GST expects to use the proceeds of the initial public offering for, among other things, ongoing operating and capital expenditures, research and development, strategic activities and general corporate purposes. Hitachi and Hitachi GST will monitor economic and capital market conditions relative to the timing of the proposed initial public offering.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities. This press release is being issued pursuant to and in accordance with Rule 135 under the Securities Act of 1933, as amended.
Hitachi, Ltd., (NYSE: HIT / TSE: 6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 360,000 employees worldwide. Fiscal 2009 (ended March 31, 2010) consolidated revenues totaled 8,968 billion yen ($96.4 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.
Hitachi Global Storage Technologies (Hitachi GST) develops advanced hard disk drives, enterprise-class solid state drives and innovative external storage solutions and services used to store, preserve and manage the world’s most valued data. Founded by the pioneers of hard drives, Hitachi GST provides high-value storage for a broad range of market segments, including Enterprise, Desktop, Mobile computing, Consumer Electronics and Personal Storage. Hitachi GST was established in 2003 and maintains its U.S. headquarters in San Jose, California. For more information, please visit the company’s website at http://www.hitachigst.com.
Hitachi Global Storage Technologies