Seagate and Samsung reaffirm strategic alignment

By : |October 10, 2013 0

NEW DELHI, INDIA: Seagate Technology, a world leader in hard disk drives and storage solutions, announced a private share redemption transaction with Samsung Electronics Co. Ltd. in the amount of 32.7 million ordinary shares, representing approximately 9 percent of Seagate’s shares outstanding as of the end of the fiscal first quarter 2014.

Following the transaction, Samsung will continue to own approximately 12.5 million shares of Seagate and Dr. Seh-Woong Jeong, executive VP at the Systems LSI Division of Samsung Electronics will remain on the Seagate Board of Directors.

Steve Luczo, Seagate chairman, president and CEO said: “With this transaction, we are on track to meet our stated goal of returning approximately 70 percent of operating cash flow to shareholders this fiscal year while at the same time we continue to make strategic investments in our business to extend our leadership in cloud, mobile and open source storage technology.”

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