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Guru3D.com » News » OCZ in Agreement With Toshiba to Acquire Solid State Drive Business

OCZ in Agreement With Toshiba to Acquire Solid State Drive Business

by Hilbert Hagedoorn on: 12/03/2013 08:27 AM | source: | 5 comment(s)
OCZ in Agreement With Toshiba to Acquire Solid State Drive Business

Good news for OCZ, as they will soon fall under Toshiba. That will secure good NAND supplies in the future and it would make the company able to finally compete with names like Samsung. OCZ Technology Group, Inc., a leading provider of high-performance solid state drives (SSDs) for computing devices and systems, today announced that the Company has signed an asset purchase agreement with Toshiba Corporation, a global technology leader and manufacturer of NAND flash memory, to acquire substantially all of OCZ's assets in a chapter 11 bankruptcy proceeding for $35M. 

Under this agreement Toshiba will acquire OCZ's client and enterprise solid state drive business. OCZ will continue to operate and serve existing and future customers during this process. Toshiba has agreed to provide the Company with DIP (Debtor-in-Possession) financing to ensure that there is adequate capital and flash supply to support the business during the contemplated sale period. The consummation of the asset purchase agreement is subject to an auction and approval by the bankruptcy court in the Company's bankruptcy case.

This acquisition will provide Toshiba with access to OCZ's proprietary controllers, firmware and software, as well as the teams responsible for bringing these solutions to market, in addition to OCZ's established brand and sales channels. This strategic opportunity will bring critical controller IP and NAND supply all under one global organization, allowing for an even more robust and competitive solid state solution offering for all of OCZ's and Toshiba's mutual customers moving forward. 

"Over the past year, OCZ has dealt with numerous issues which have stressed the company's capital structure and operating model, posing a challenge to achieving near term profitability. The combination of NAND flash supply constraints and credit issues have impacted our ability to satisfy the demands of our customers; this combined with increased pricing pressure in our industry have contributed to our on-going operating losses. On an operational basis, we completed a complex investigation, several restructurings and a multi-year restatement that added significantly to our working capital requirements," stated Ralph Schmitt, CEO of OCZ. "We have been working diligently on this partnership with Toshiba and we believe that this is the best outcome under our current corporate conditions."

"We are excited to participate in this opportunity. If our bid is successful, the combination of our leading NAND technology with OCZ's SSD expertise will allow us to further strengthen Toshiba's SSD business," said Mr. Seiichi Mori, Vice President of Toshiba's Semiconductor and Storage Company and Corporate Vice President of Toshiba. "We value OCZ's SSD business and technology in both the consumer and enterprise markets, and we are confident that it will reinforce our capabilities and help us to secure leadership in the SSD market." 

This transaction has been approved by the Board of Directors of OCZ, and it is expected that the sale will close within approximately 60 days.



OCZ in Agreement With Toshiba to Acquire Solid State Drive Business




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V@IO
Senior Member



Posts: 494
Joined: 2010-04-12

#4715985 Posted on: 12/03/2013 09:24 AM
Good news for OCZ

Clouseau
Senior Member



Posts: 2638
Joined: 2011-05-17

#4716321 Posted on: 12/03/2013 08:34 PM
Toshiba Corporation to Purchase Assets of OCZ







Toshiba Corporation to Purchase Assets of OCZ

Business Wire

TOKYO -- December 2, 2013

Toshiba Corporation (TOKYO:6502) today announced that it has entered into an
agreement at December 2 with OCZ Technology Group, Inc. to acquire
substantially all the assets of OCZ Technology’s SSD business. The transaction
will be completed through a sale and auction process pursuant to Section 363
of the U.S. Bankruptcy Code, and subject to approval by the bankruptcy court
supervising OCZ Technology’s Chapter 11 bankruptcy. If Toshiba is selected as
the successful bidder, subject to court and other regulatory approvals, the
company expects to complete the acquisition in January 2014.

“We are excited to participate in this opportunity. If our bid is successful,
the combination of our leading NAND technology with OCZ’s SSD expertise will
allow us to further strengthen Toshiba’s SSD business,” said Mr. Seiichi Mori,
Vice President of Toshiba’s Semiconductor and Storage Company and Corporate
Vice President of Toshiba. “We value OCZ’s SSD business and technology in both
the consumer and enterprise markets, and we are confident that it will
reinforce our capabilities and help us to secure leadership in the SSD
market.”

“OCZ looks forward to becoming part of Toshiba, a world leader in flash memory
and storage solutions,” explained Ralph Schmitt CEO of OCZ Technology.
“Toshiba brings the necessary capital and NAND flash supply and expertise,
which together with our leading edge solid state drive technology will enable
us to provide client and enterprise customers with a very compelling total
storage solution. This combination will make for an unstoppable force in the
highly competitive SSD market.”

About Toshiba

Toshiba is a world-leading diversified manufacturer, solutions provider and
marketer of advanced electronic and electrical products and systems. Toshiba
Group brings innovation and imagination to a wide range of businesses: digital
products, including LCD TVs, notebook PCs, retail solutions and MFPs;
electronic devices, including semiconductors, storage products and materials;
industrial and social infrastructure systems, including power generation
systems, smart community solutions, medical systems and escalators &
elevators; and home appliances.

Toshiba was founded in 1875, and today operates a global network of more than
590 consolidated companies, with 206,000 employee worldwide and annual sales
surpassing 5.8 trillion yen (US$61 billion). Visit Toshiba's web site at
www.toshiba.co.jp/index.htm

Contact:

Toshiba Corporation
Semiconductor & Storage Products Company
Megumi Genchi / Kota Yamaji, +81-3-3457-3576
Communication IR Promotion Group
Business Planning Division
semicon-NR-mailbox@ml.toshiba.co.jp

Anarion
Senior Member



Posts: 13690
Joined: 2005-08-13

#4716336 Posted on: 12/03/2013 08:54 PM
Bargain.

icedman
Senior Member



Posts: 1058
Joined: 2013-02-22

#4719548 Posted on: 12/08/2013 06:27 AM
Im just glad ocz will continue to make ssd's, own 2 and they're awsome

Clouseau
Senior Member



Posts: 2638
Joined: 2011-05-17

#4719885 Posted on: 12/08/2013 07:27 PM
The banckruptcy court has not settled anything yet. Only if the Toshiba deal is approved will OCZ still be in existence. Nothing has come out in the press since these last press releases from OCZ and Toshiba.

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