Foreign business news briefs

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  • Saturday, 04 Jan 2003

NEW YORK: IBM Corp has closed a deal to sell its hard-disk drive assets to Hitachi Ltd for US$2.05bil, as part of an effort to cut non-performing assets. Under the terms of the deal, first announced last June, Hitachi will initially own 70% of a newly created hard disk drive company, buying the remaining 30% from IBM over the next three years. 

IBM’s hard drive business has been losing money for years. The sale of the assets was one of the first major initiatives by chief executive officer Samuel Palmisano, who took over management of the company from Louis Gerstner early last year and became chairman on Jan 1. – Reuters 

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