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Technology / AI and automation

STORMEDIA ACQUIRES MAGNETIC MEDIA COMPANY

StorMedia Inc, the Santa Clara-based thin film disk drive maker, has acquired Kubota Corp subsidiary Akashic Memories Corp, a producer of magnetic media and substrates. StorMedia will acquire two Akashic media facilities and a substrate Facility in California and a new substrate plant in Malaysia. The move is intended to broaden StorMedia’s customer base, and make it larger in a consolidating marketplace. StorMedia has recently been losing revenues over the last few quarters, and recently lost a key customer – Metropolis Inc – which is currently being wound down (see separate story).

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CBR Staff Writer

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