Tokyo, Japan and San Jose, Calif., U.S., November 2, 2010 – Hitachi, Ltd. (NYSE: HIT / TSE:6501, hereinafter Hitachi) and Hitachi Global Storage Technologies (hereinafter Hitachi GST), its wholly owned subsidiary, today announced that Hitachi GST has commenced preparation to make its initial public offering with a listing on the New York Stock Exchange or National Association of Securities Dealers Automated Quotations (Nasdaq) in cooperation with Hitachi.
Hitachi GST expects to use the proceeds of the initial public offering for, among other things, ongoing operating and capital expenditures, research and development, strategic activities and general corporate purposes. Hitachi and Hitachi GST will monitor economic and capital market conditions relative to the timing of the proposed initial public offering.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities. This press release is being issued pursuant to and in accordance with Rule 135 under the Securities Act of 1933, as amended.