Wednesday, September 1, 2010

Hitachi Planning IPO of Hard Drive Unit

Hitachi Ltd. is considering an IPO of its hard drive unit, Hitachi Global Storage Technologies, according to the firm Wednesday. Hitachi's storage unit has a heavy presence in San Jose, where it maintains major operations. Hitachi Global Storage Technologies was formerly IBM's disk drive unit, until IBM merged its hard drive unit with Hitachi in 2003. No details on the IPO have been released, however, reports name Goldman Sachs as one of the underwriters. Hitachi Global Storage Technologies operations include the former IBM Hard Drive operations on Cottle Road, which IBM established in 1956.