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September 21, 1995

MAXTOR TO SELL FAR EAST PLANTS TO HYUNDAI FOR $100M

By CBR Staff Writer

Maxtor Corp plans to sell its manufacturing facilities in Singapore, Hong Kong and Thailand to its 37% shareholder Hyundai Group’s Hyundai Electronics Industries Co Ltd for $100m. The conditional memorandum of understanding also includes a long-term manufacturing agreement with Hyundai, which would also boost the investment in technology and manufacturing capacities, including upgrades and retooling as necessary to manufacture Maxtor’s new product offerings. Prior to a definitive agreement, Maxtor can consider any proposals initiated by third parties. Maxtor expects to report a net loss for its second quarter to September 30 greater than the $0.27 per share loss it recorded for the quarter to July 1. Hyundai aims to be the world’s second hard disk maker by 2000 and the largest by 2005, the Korean says.It will invest a total of $700m to $1,000m in the business, aiming to generate $5,000m sales by 2000.

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