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Toshiba Corporation and Samsung Electronicsrevealed the details of their new joint venture for optical-disk drives (ODD), as initially announced in a memorandum of terms announced on September 22, 2003.

The new joint venture, Toshiba Samsung Storage Technology Corporation, will start operation on April 1, 2004. The company will integrate product and business planning, product development, procurement and sales and marketing of ODDs, including CD-ROM and DVD-ROM drives. Toshiba Samsung Storage Technology Corporation will be headquartered in Japan with a wholly owned subsidiary in Korea.

The new joint venture will construct a competitive business structure that promotes optimized use of management resources and leadership in the global market.

Company Name: Toshiba Samsung Storage Technology Corporation
Start of Operation: April 1, 2004
Capital: 14.9 billion yen (U.S $140,000,000)
Ownership: Toshiba 51%; Samsung Electronics 49%