© mariusz szachowski dreamstime.com Electronics Production | September 02, 2019
Toshiba Memory to acquire LITE-ON's SSD business
Toshiba Memory, soon to be rebranded as Kioxia Holdings Corporation, says it has signed a definitive agreement with LITE-ON Technology Corporation to acquire its Solid State Drive (SSD) business.
Toshiba is paying USD 165 million for the business and the transaction is expected to close by the first half of 2020, subject to customary closing adjustments and regulatory approval. “LITE-ON’s Solid State Drive business is a natural and strategic fit with Toshiba Memory and expands our focus in the SSD industry,” says Nobuo Hayasaka, acting President and CEO of Toshiba Memory Holding Corporation, in a press release. “This is an exciting acquisition for us, as it positions us to meet the projected growth in demand for SSDs in PCs and data centers being driven by the increased use of cloud services.” Toshiba Memory will leverage LITE-ON’s leading innovations to enhance its leadership position in the SSD market.