Toshiba's planned purchase of bankrupt solid-state storage specialist OCZ has been approved by the courts, with the former stand-alone company being integrated as a wholly owned subsidiary dubbed OCZ Storage Solutions.
The bankrupt OCZ Technologies is reborn as OCZ Storage Solutions, a wholly-owned subsidiary of Toshiba with Ralph Schmitt still in charge.
Toshiba confirmed its plan
to purchase OCZ's assets in a $35 million deal following the company's filing for bankruptcy protection
late last year. Although OCZ - or, more accurately, its creditors - was happy to sell, the bankruptcy court was required by law to listen to alternative offers, including those that would see the company broken up and its individual pieces sold to the highest bidder.
Thankfully for Toshiba, that hasn't happened with the court approving the company's buyout plan. 'The acquisition of OCZ further expands our solid-state storage capabilities and represents Toshiba's commitment to this high-growth area,
' claimed Toshiba's Seiichi Mori at the announcement of the deal. 'Our goal is to offer a leading edge portfolio of solid state solutions to address the storage challenges faced by both client and enterprise customers, and the acquisition of OCZ is an ideal addition to our team in realising this strategy.
'We are very excited to be part of the Toshiba family where we will continue to develop new and unique solid-state storage technologies that position the new entity as a market leader,
' claimed an undoubtedly relieved Ralph Schmitt, who retains his position of chief executive in the newly-formed OCZ Storage Solutions company. 'With Toshiba's financial strength and portfolio of leading-edge NAND flash memory, OCZ is now in a advantageous position as one of the few companies in the SSD industry with advanced controller IP and NAND flash supply under one global organization, which in turn will help enable more robust and competitive solid-state solutions going forward while expanding our market presence in the rapidly growing SSD market.
Thus far, the new company has not detailed how it will handle warranties held by customers of the previous OCZ Technologies company - but, hopefully, will honour all commitments.