Western Digital Comments on Toshiba’s Statement Regarding NAND Flash-Memory Joint Ventures
September 13 2017 - 3:10AM
Business Wire
Western Digital Corp. (NASDAQ: WDC) today commented on Toshiba
Corporation’s (“Toshiba”) statement regarding the transfer of its
interests in its NAND flash-memory joint ventures operated with
Western Digital’s SanDisk subsidiaries (“JVs”):
We are disappointed that Toshiba would take
this action despite Western Digital’s tireless efforts to reach a
resolution that is in the best interests of all stakeholders.
Throughout our ongoing dialogue with Toshiba, we have been
flexible, constructive and have submitted numerous proposals to
specifically address Toshiba’s stated concerns. Our goal has been —
and remains — to reach a mutually beneficial outcome that satisfies
the needs of Toshiba and its stakeholders, and most importantly,
ensures the longevity and continued success of the JVs.
Furthermore, it is surprising that Toshiba
would continue to pursue a transaction with a consortium led by
Korea-based SK Hynix Inc. and Bain Capital Japan without SanDisk’s
consent, as the language in the relevant JV agreements is
unambiguous, and multiple courts have ruled in favor of protecting
SanDisk’s contractual rights. We remain confident in our ability to
protect our JV interests and consent rights.
Western Digital’s arbitration requests filed on May 14, 2017,
and July 5, 2017, continue to move forward in the ICC International
Court of Arbitration.
About Western Digital
Western Digital is an industry-leading provider of storage
technologies and solutions that enable people to create, leverage,
experience and preserve data. The company addresses ever-changing
market needs by providing a full portfolio of compelling,
high-quality storage solutions with customer-focused innovation,
high efficiency, flexibility and speed. Our products are marketed
under the HGST, SanDisk and WD brands to OEMs, distributors,
resellers, cloud infrastructure providers and consumers. Financial
and investor information is available on the company's Investor
Relations website at investor.wdc.com.
Forward-Looking Statements
This news release contains certain forward-looking statements,
including statements concerning the JVs, SanDisk’s rights under the
JV agreements and its actions to protect such rights, ongoing
proceedings with respect to those rights, and Western Digital’s or
SanDisk’s actions in response to Toshiba’s statement about the
transfer of its interests in the JVs. There are a number of risks
and uncertainties that may cause these forward-looking statements
to be inaccurate including, among others: uncertainties with
respect to the company’s business ventures with Toshiba; volatility
in global economic conditions; business conditions and growth in
the storage ecosystem; impact of competitive products and pricing;
market acceptance and cost of commodity materials and specialized
product components; actions by competitors; unexpected advances in
competing technologies; our development and introduction of
products based on new technologies and expansion into new data
storage markets; risks associated with acquisitions, mergers and
joint ventures; difficulties or delays in manufacturing; and other
risks and uncertainties listed in the company's filings with the
Securities and Exchange Commission (the “SEC”), including the
company’s Form 10-K filed with the SEC on Aug. 29, 2017, to which
your attention is directed. You should not place undue reliance on
these forward-looking statements, which speak only as of the date
hereof, and the company undertakes no obligation to update these
forward-looking statements to reflect subsequent events or
circumstances.
Western Digital, WD and SanDisk are registered trademarks or
trademarks of Western Digital Corporation or its affiliates in the
U.S. and/or other countries. Other trademarks, registered
trademarks, and/or service marks, indicated or otherwise, are the
property of their respective owners. © 2017 Western Digital
Corporation or its affiliates. All rights reserved.
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Western Digital Corp.United
StatesMedia Contact:Jim Pascoe,
408-717-6999jim.pascoe@wdc.comorInvestor Contact:Bob Blair,
949-672-7834robert.blair@wdc.comorJoele Frank, Wilkinson Brimmer
KatcherEric Brielmann / Jed Repko / Ed Trissel415-869-3950 /
212-355-4449wdcmedia@joelefrank.comorJapanMedia Contacts:Emi Hatano,
090-5765-9730emi.hatano@sandisk.comorAshton ConsultingJohn Sunley /
Brendan Jennings03 5425-7220 / 090ー7416-0180 / 050
7576-6190WDC_JapanPR@ashton.jp
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