by CIO Staff

Seagate Finishes Maxtor Acquisition

May 22, 20061 min
Mergers and Acquisitions

Seagate Technology, a manufacturer of disk drives for computers, on Monday announced that it has finished its $2 billion acquisition of rival drive producer Maxtor, the Associated Press reports via BusinessWeek.

Seagate expects Maxtor to be fully incorporated by early 2007, and the company will offer positions to roughly half of Maxtor’s current staff, the majority of which will come from its Asia-Pacific production facilities, according to the AP.

The company predicts it will see a boost of between 10 percent and 20 percent in annual earnings after the initial year, the AP reports.

Seagate filed quarterly income of $274 million on $2.3 billion in revenue during its most recent earnings period, according to the AP.

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