Hutchinson Investigated by Antitrust Division of the U.S. Department of Justice

Hutchinson Technology Incorporated (HTI) received a letter on July 26, 2016 from the Antitrust Division of the U.S. Department of Justice (DOJ), which has opened an investigation relating to the sale of suspension assemblies for use in HDDs.

The DOJ’s letter stated that neither HTI nor any HTI employee is currently a subject of the DOJ investigation, but that HTI may have documents and electronic information relevant to its investigation. HTI intends to cooperate with the DOJ’s investigation.

With regard to the U.S. Federal Trade Commission’s review of the pending merger, HTI and TDK Corporation are providing additional information to the FTC and working cooperatively with the FTC to move the review forward. The FTC has not indicated when its review may be completed. Additionally, HTI is engaging in contingency planning for the potential of continued delays or impediments to the pending merger. Subject to certain conditions, the merger agreement may be terminated by HTI or TDK if the merger has not been consummated on or before November 1, 2016.

HTI will report fiscal 2016 third quarter financial results on Friday, July 29, 2016, before the open of the market. No conference call will be held.

Read also:
Acquisition of Hutchinson by TDK Faces Antitrust Review
By Federal Trade Commission
2016.01.07 | In Brief
TDK to Acquire Hutchinson For $126 Million to $140 Million
Combining HDD heads and suspension assemblies
2015.11.04 | Press Release