Finally Fujitsu went official regarding rumors that have been around for long time. Today Fujitsu announced that it has signed a memorandum of understanding (MOU) with Toshiba on the transfer of Fujitsu's hard disk drive (HDD) business to Toshiba. The companies plan to conclude a transfer contract at an early date, and aim to complete the transaction in the first quarter of fiscal 2009.

Fujitsu will facilitate the transfer by bringing its HDD-related businesses and functions together in a new company. Toshiba will acquire about an 80 percent stake in this company and make it a Toshiba Group subsidiary. In order to promote a smooth transfer, Fujitsu will continue to hold a stake of under 20 percent in the new company for a certain period of time, after which it will become a wholly owned subsidiary of Toshiba.