Adaptec and Western Digital Agree to Form Strategic Alliance.announced today that it has signed a letter of intent for Adaptec to form a strategic relationship with Western Digital Corporation of Irvine, Calif. Under the terms of the agreement, Adaptec will provide design services and serve as Western Digital's sole source for certain advanced storage control technology. In addition, Adaptec will purchase certain assets and ongoing business of Western Digital's Connectivity Solutions Group, and be assigned contracted semiconductor foundry capacity. The agreement, when concluded, will call for Adaptec to make cash payments of approximately $45 million. The transaction is subject to execution of a definitive agreement to be approved by the Board of Directors of each company and customary regulatory approvals and other closing conditions. When completed, the acquisition of assets Acquisition of assets A merger or consolidation in which an acquirer purchases the selling firm's assets. will be accounted for under the purchase accounting method. Adaptec will evaluate the allocation of the purchase price to the assets acquired, which include in-process technology that will be written off, and goodwill, which will be amortized over the benefit period. Adaptec Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ADPT ADPT Automated Data Processing/Telecommunications ADPT Adaptec Corporation (stock symbol) ADPT Adaptive Prediction ADPT Auger Depth Profiling Technique ADPT Automated Data Processing Telecommunications ADPT Adapter ) designs, manufactures, and markets IOware solutions to eliminate performance bottlenecks between micro- computers, networks, and peripherals. Solutions range from simple connectivity products for single-user and small office desktops, to intelligent subsystem A unit or device that is part of a larger system. For example, a disk subsystem is a part of a computer system. A bus is a part of the computer. A subsystem usually refers to hardware, but it may be used to describe software. , high performance SCSI SCSI in full Small Computer System Interface Once common standard for connecting peripheral devices (disks, modems, printers, etc.) to small and medium-sized computers. SCSI has given way to faster standards, such as Firewire and USB. , RAID, and ATM products for enterprise-wide computing computing - computer and networked environments. Adaptec I/O (Input/Output) The transfer of data between the CPU and a peripheral device. Every transfer is an output from one device and an input to another. See PC input/output. I/O - Input/Output solutions are incorporated into the products of virtually all the major computer and peripheral manufacturers around the world. Founded in 1981, Adaptec is a recognized leader in high performance I/O technology. Adaptec currently employs approximately 2,000 people, and with its global distribution network, serves customers worldwide. Adaptec's World Wide Web home page address is http://www.adaptec.com. CONTACT: Adaptec Inc., Milpitas Paul Hansen/Christopher O'Meara/Bruce Frymire, 408/957-8600 |
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