Seagate Completes Acquisition of LSI’s Flash Businesses from Avago
September 02 2014 - 04:01PM
Business Wire
Seagate Technology plc (NASDAQ: STX), a world leader in storage
solutions, today announced it has completed its previously
announced acquisition of the assets of LSI’s Accelerated Solutions
Division (“ASD”) and Flash Components Division (“FCD”) from Avago
Technologies Limited (NASDAQ:AVGO).
“There is a growing opportunity for mobile and enterprise
flash-based storage solutions, which is why we’re excited about
this strategic technology acquisition,” said Steve Luczo, Seagate
Chairman and CEO. “Integrating LSI’s Enterprise PCIe flash and SSD
controller products, and its engineering capabilities into
Seagate’s leading storage technology portfolio and product
development will expand our ability to meet a broader base of
customers’ needs and drive new revenue opportunities.”
This technology acquisition immediately boosts Seagate’s range
and depth of flash storage capabilities and brings additional
engineering expertise to accelerate its roadmap in the growing
flash market. LSI’s ASD business has the broadest PCIe flash
product offering and intellectual property in the market today and
its FCD business has best-in-class SSD controllers with proven
support for a wide range of applications.
About Seagate
Seagate is a world leader in hard disk drives and storage
solutions. Learn more at www.Seagate.com. Seagate and Seagate
Technology are registered trademarks of Seagate Technology LLC.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, each as
amended, including, in particular, statements about our plans,
strategies and prospects and estimates of industry growth for the
fiscal quarter ending October 3, 2014 and beyond. These statements
identify prospective information and include words such as
“expects,” “plans,” “anticipates,” “believes,” “estimates,”
“predicts,” “projects” and similar expressions. These
forward-looking statements are based on information available to
the Company as of the date of this press release and are based on
management’s current views and assumptions. These forward-looking
statements are conditioned upon and also involve a number of known
and unknown risks, uncertainties, and other factors that could
cause actual results, performance or events to differ materially
from those anticipated by these forward-looking statements. Such
risks, uncertainties, and other factors may be beyond the Company’s
control and may pose a risk to the Company’s operating and
financial condition. Such risks and uncertainties include, but are
not limited to: the uncertainty in global economic conditions, as
consumers and businesses may defer purchases in response to tighter
credit and financial news; the impact of the variable demand and
adverse pricing environment for the flash storage market, including
PCIe flash and SSD controller solutions, particularly in view of
current business and economic conditions; dependence on the
Company’s ability to successfully qualify, manufacture and sell its
flash storage products, including PCIe flash and SSD controller
solutions, in increasing volumes on a cost-effective basis and with
acceptable quality; the impact of competitive product
announcements; and the Company’s ability to achieve projected cost
savings. Information concerning risks, uncertainties and other
factors that could cause results to differ materially from the
expectations described in this press release is contained in the
Company’s Annual Report on Form 10-K filed with the U.S. Securities
and Exchange Commission (the “SEC”) on August 8, 2014, the “Risk
Factors” section of which is incorporated into this press release
by reference. These forward-looking statements should not be relied
upon as representing the Company’s views as of any subsequent date
and the Company undertakes no obligation to update forward-looking
statements to reflect events or circumstances after the date they
were made.
Seagate Technology plcMedia Relations Contact:Brian Ziel,
408-658-1540brian.ziel@seagate.comorInvestor Relations
Contact:408-658-1222stx@seagate.com
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