
Toshiba Corporation
Toshiba Memory Corporation
Western Digital Corporation
TOKYO Dec. 13, 2017 and SAN JOSE, Calif. Dec.12, 2017 Toshiba Corporation (TOKYO: 6502) ( Toshiba ), Toshiba Memory Corporation ( TMC ) and Western Digital Corporation (NASDAQ: WDC) ( Western Digital ) have entered into a global settlement agreement to resolve their ongoing disputes in litigation and arbitration, strengthen and extend their relationship, and enhance the mutual commitment to their ongoing flash memory collaboration.
As part of this agreement, TMC and Western Digital will participate jointly in future rounds of investment in Fab 6, the state-of-the-art memory fabrication facility now under construction at Yokkaichi, including the upcoming investment round announced by Toshiba in October 2017. Fab 6 will be entirely devoted to the mass production of BiCS FLASH , the next-generation of 3D flash memory, starting next year. TMC and Western Digital similarly intend to enter into definitive agreements in due course under which Western Digital will participate in the new flash wafer fabrication facility which will be constructed in Iwate, Japan.
The parties will strengthen their flash memory collaboration by extending the terms of their joint ventures. Flash Alliance will be extended to December 31, 2029 and Flash Forward to December 31, 2027. Flash Partners was previously extended to December 31, 2029.
The parties' agreement to resolve all outstanding disputes ensures that all parties are aligned on Toshiba's sale of TMC to K.K. Pangea, a special purpose acquisition company formed and controlled by a consortium led by Bain Capital Private Equity, LP ( Bain Capital ). The parties have agreed on mutual protections for their assets and confidential information in connection with the sale of TMC, and on collaborating to ensure the future success of TMC as a public company following an eventual IPO.
Commenting on the agreement reached today, Dr. Yasuo Naruke, Senior Executive Vice President of Toshiba Corporation and President and CEO of TMC said: We are very pleased to have reached this outcome, which clearly benefits all involved. With the concerns about litigation and arbitration removed, we look forward to renewing our collaboration with Western Digital, and accelerating TMC's growth to meet growing global demand for flash memory. Toshiba also remains on track to complete our transaction with the consortium led by Bain Capital by the end of March 2018. This will ensure that TMC has the resources it needs to continue to innovate and deliver for a fast-growing flash memory market, particularly in areas driven forward by advances in AI and IoT.
Western Digital Chief Executive Officer Steve Milligan stated: Western Digital's core priorities have always been to protect the JVs and ensure their success and longevity, guarantee long-term access to NAND supply, protect our interests in the JVs, and create long-term value for our stakeholders. We are very pleased that these agreements accomplish these critical goals, allow Toshiba to achieve its objectives, and also enable us to continue delivering on the power of our platform. I want to thank the hardworking teams at Western Digital and TMC for the dedication they have exhibited over the past several months, operating the JVs without interruption, and we look forward to building upon the success of our 17 year partnership.
Yuji Sugimoto, Managing Director, Head of Japan for Bain Capital said: Bain Capital is pleased that Toshiba and Western Digital have resolved all outstanding legal disputes. The settlement represents the best possible outcome for all parties, clearing the way for the Bain Capital-led consortium to complete its acquisition of TMC as planned. We look forward to supporting TMC to achieve its strategic objectives while enhancing these important JVs with Western Digital.
As part of the global settlement agreement, Toshiba, TMC and Western Digital have agreed to withdraw all pending litigation and arbitration actions.
More from Toshiba
22/03/2021
Toshiba Corporation
Toshiba Infrastructure Systems & Solutions Corporation
TOK...
16/03/2021
TOKYO Toshiba Corporation (TOKYO: 6502) has executed a joint research agreement...
09/03/2021
Toshiba Corporation
Tokyo Gas Co., Ltd.
Asahi Group Holdings, Ltd.
Isuzu Motors Ltd.
Olympus Corporation
Sakai Chemical Industry Co., Ltd.
Duskin Co., Ltd...
24/02/2021
TOKYO Toshiba Corporation's (TOKYO: 6502) long-standing dedication to driving forward technological innovation has once again secured its selection for the ...
19/02/2021
TOKYO Toshiba Corporation (TOKYO: 6502) today announced that it has appointed ex...
19/02/2021
TOKYO Toshiba Corporation (TOKYO: 6502) has been recognized as a Supplier Engag...
14/01/2021
TOKYO Toshiba Corporation (TOKYO: 6502) today published the English edition of Toshiba Group Sustainability Report 2020, which outlines the Groups sustainabili...
16/12/2020
TOKYO Toshiba Corporation (TOKYO: 6502) today announced that it has received the rating detailed below from Japan Credit Rating Agency, Ltd. (JCR), and that it...
10/12/2020
TOKYO Toshiba Corporation (TOKYO: 6502) has been selected for the prestigious A List in the Climate Change Report 2020 released by CDP, the international non-...
04/12/2020
TOKYO Toshiba Corporation (TOKYO: 6502) today held the Toshiba Group FY2020 Technology Strategy Briefing, where it unveiled the strategy and technologies that ...
04/12/2020
TOKYO Toshiba Corporation (TOKYO: 6502) today opened the TOSHIBA SPINEX brand (*1) industrial IoT (IIoT) service (*2) portal site TOSHIBA SPINEX Marketplace (*...
30/10/2020
TOKYO Toshiba Corporation (TOKYO: 6502) has clinched five*1 distinctions at the Japan's Good Design Award 2020. This annual awards sponsored by the Japan ...
19/10/2020
TOKYO Toshiba Corporation (TOKYO:6502) today announced it will start providing quantum key distribution (QKD) platforms and commence deployment of a system inte...
15/10/2020
TOKYO Toshiba Corporation (TOKYO: 6502) today announced that the company has participated in the preparatory group for the launch of the Japan Hydrogen Associat...
23/09/2020
TOKYO Toshiba Corporation (TOKYO: 6502) today announced that Infrastructure Serv...
19/09/2020
TOKYO Toshiba Corporation (TOKYO: 6502), in its June 5 announcement, The Toshib...
04/09/2020
TOKYO Toshiba Corporation (TOKYO: 6502) has published the English edition of Toshiba Group Cyber Security Report 2020, a report of cyber security policy, meas...
13/08/2020
TOKYO--Thanks to Toshiba Corporation (TOKYO: 6502), the Komukai district of Kawa...
07/08/2020
TOKYO Toshiba Corporation's (TOKYO: 6502) long-standing dedication to driving forward technological innovation has once again secured its selection for the ...
07/08/2020
TOKYO Toshiba Corporation (TOKYO: 6502) hereby announces that it has transferred the 19.9% of the outstanding shares in Dynabook Inc. that it held to Sharp Corp...
27/07/2020
TOKYO Toshiba Corporation (TOKYO: 6502) has released a new brand video, We are Toshiba 2020, that shines a spotlight on Toshiba Group employees around the wor...
17/07/2020
Toshiba Corporation (TOKYO: 6502) today announced that Glass Lewis & Co. ( Glass...
17/07/2020
Toshiba Corporation (TOKYO: 6502) today announced that Institutional Shareholder...
15/07/2020
Updated July 15, 2020...
08/07/2020
TOKYO Following on from its June 5 announcement of comprehensive measures to bolster internal controls, Toshiba Corporation (TOKYO: 6502) today established a Co...
19/06/2020
Toshiba Group is responding to the global coronavirus pandemic with measures that prioritize the safety of our employees and their families, and of our customer...
11/06/2020
Miraca Holdings Inc.
President and Group CEO Shigekazu Takeuchi
Toshiba Corporation
President & CEO Nobuaki Kurumatani
Hitachi, Ltd.
President & CEO Toshia...
29/05/2020
TOKYO Toshiba Corporation (TOKYO: 6502) today announced that it will establish a new wholly owned subsidiary dedicated to developing a next-generation core sys...
27/05/2020
SBS Holdings, Inc.
Toshiba Corporation
TOKYO SBS Holdings, Inc. (TOKYO: 2384, hereinafter SBSHD ) and Toshiba Corporation (TOKYO: 6502) today signed a share ...
16/04/2020
In response to the Japanese government's strong request to people to observe...
30/03/2020
Toshiba Corporation
Toshiba Digital Solutions Corporation
TOKYO--Toshiba Corporation (TOKYO: 6502) and Toshiba Digital Solutions Corporation (hereinafter TDS...
23/03/2020
TOKYO Toshiba Corporation (TOKYO: 6502) today announced that Mitsubishi Motors C...
23/03/2020
TOKYO Toshiba Corporation (TOKYO: 6502) today announced that Nissan Motor Corporation has selected its innovative SCiB lithium-ion rechargeable battery for the...
04/03/2020
Tokyo Toshiba Data Corporation (hereinafter Toshiba Data ) today announced the opening of a new branch office from this month in Aizuwakamatsu City, Fukushima ...
03/03/2020
Toshiba Corporation
Toshiba Digital Solutions Corporation
TOKYO Toshiba Corporation (TOKYO: 6502) and Toshiba Digital Solutions Corporation (hereinafter TDSL...
08/02/2020
TOKYO--Toshiba Corporation (TOKYO: 6502) today announced that it will unify two companies that are part of its corporate staff function into a single company. T...
03/02/2020
Tokyo Toshiba Corporation (TOKYO: 6502, hereinafter Toshiba ) today established...
19/01/2020
TOKYO Toshiba Corporation (TOKYO: 6502) announced today that Masaharu Kamo, a f...
17/01/2020
TOKYO--Toshiba Corporation (Tokyo: 6502) today announced that the English edition of the Toshiba Group Corporate Social Responsibility Report 2019 (hereinafter ...
28/11/2019
TOKYO Toshiba Corporation (TOKYO: 6502) today held the Toshiba Group FY2019 Technology Strategy Briefing, where it unveiled the strategy and technologies that w...
06/11/2019
Toshiba Corporation
Toshiba Digital Solutions Corporation
Toshiba Corporation ...
06/11/2019
Tokyo Toshiba Corporation (Tokyo: 6502) announced today that Toshiba Group has joined Open Invention Network (OIN) as a community member.
OIN is a community th...
29/10/2019
Toshiba Corporation
Toshiba Energy Systems & Solutions Corporation
TOKYO Toshi...
26/09/2019
TOKYO Toshiba Group (TOKYO: 6502) has announced that it will unify four companie...
09/09/2019
Toshiba Corporation
transcosmos inc.
TOKYO Toshiba Corporation (TOKYO: 6502) a...
30/08/2019
Kanazawa University
Toshiba Corporation
Toshiba Digital Solutions Corporation
...
28/08/2019
TOKYO Toshiba Corporation (TOKYO: 6502) has published the English edition of its Cyber Security Report 2019, the company's first publication focusing on Tos...
28/08/2019
Tokyo Electric Power Company Holdings, Inc.
Chubu Electric Power Co.,Inc.
Hita...
21/08/2019
Toshiba Corporation
Toshiba Energy Systems & Solutions Corporation
Yokohama, Japan Toshiba Corporation (TOKYO: 6502) and Toshiba Energy Systems & Solutions Co...
09/08/2019
Tokyo A certain online publication this morning carried a report on plans for Higashidori Nuclear Power Station in Aomori prefecture, Japan, stating that Tokyo ...