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Samsung, Toshiba Join Forces To Manufacture Storage Devices

South Korea's Samsung Electronics Co. and Toshiba Corp. of Japan plan to set up a joint venture to make computer storage devices.

Under the deal announced Monday, the two companies will develop and market optical storage devices, such as computer hard drives, or CD-ROMs and DVD-ROM drives, the companies said in a statement.

The joint venture will give the two companies a combined global market share of 22 percent, bringing them closer to the world's No.1 position in the optical disk-drive business, South Korean company officials said.

Samsung, the world's largest computer memory chip maker, will hold 49 percent in the new company, and Toshiba will have the remaining 51 percent.

'The new joint venture will construct a competitive business structure that can promote optimized use of management resources and leadership in the global market,' the companies said.

The new company will be based in Japan, and a wholly owned unit will be set up in South Korea.

Copyright © 2003 The Associated Press. All rights reserved. The information contained in the AP News report may not be published, broadcast, rewritten or redistributed without the prior written authority of The Associated Press.

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