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12/31/2002
11:21 AM
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IBM Completes Disk Drive Sale

The sale to Hitachi, valued at $2.05 billion, is a done deal.

In a filing today with the Securities and Exchange Commission, IBM said it has completed the previously announced sale of its disk drive manufacturing operations to Hitachi Ltd. for $2.05 billion.

Hitachi paid IBM 70% of the purchase price today and will pay the remainder over the next three years. Hitachi will operate the business under a new subsidiary called Hitachi Global Storage Technologies.

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