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4-Traders Homepage  >  Equities  >  Tokyo  >  Toshiba Corp    6502   JP3592200004

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Western Digital : SanDisk Subsidiaries Initiate New Arbitration Proceedings Against Toshiba in the ICC International Court of Arbitration

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09/21/2017 | 01:53pm CEST

SAN JOSE, Calif., Sept. 20 -- Western Digital, a developer and manufacturer of storage solutions that enable people to create, manage, experience and preserve digital content, issued the following news release:

Western Digital Corp. (NASDAQ: WDC) today announced that several of its SanDisk subsidiaries have filed an additional Request for Arbitration with the ICC International Court of Arbitration related to three NAND flash-memory joint ventures ("JVs") operated with Toshiba Corporation ("Toshiba").

On Aug 3, 2017, Toshiba announced that it would unilaterally invest in manufacturing equipment for the Fab 6 clean room at the JV operations in Yokkaichi, Japan. The arbitration demand seeks, among other things, a permanent injunction preventing Toshiba from making unilateral investments in manufacturing equipment for Fab 6 without first giving SanDisk the opportunity to make a comparable investment in expansions and conversions of JV capacity for BiCS 3D NAND flash memory.

Western Digital commented:

* It is unfortunate that SanDisk is forced to initiate binding arbitration to remedy Toshiba's retaliatory breach of the JV agreement entered into by both SanDisk and Toshiba.

* The terms of the agreement and our related legal rights are clear. The agreement gives SanDisk the right to participate in expansions and conversions of manufacturing capacity for BiCS 3D NAND flash memory products through joint investments in Fab 6 equipment. Toshiba has improperly denied SanDisk its rights to joint investment by unilaterally investing in manufacturing equipment at Fab 6.

* We believe that our NAND supply requirements through calendar 2018 are secure, with no meaningful supply from Fab 6 anticipated until calendar year 2019.

* We will continue to act in the best interests of our stakeholders, protecting SanDisk's interests in the JVs and consent rights through both our request for injunctive relief and the arbitration process.

The arbitration requests filed by Western Digital's SanDisk subsidiaries on May 14, 2017, and July 5, 2017, continue to move forward in the ICC International Court of Arbitration.

Targeted News Service, source News Service

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Financials ( JPY)
Sales 2018 5 047 B
EBIT 2018 -
Net income 2018 411 B
Debt 2018 30 865 M
Yield 2018 0,11%
P/E ratio 2018 5,91
P/E ratio 2019 27,52
EV / Sales 2018 0,27x
EV / Sales 2019 0,32x
Capitalization 1 335 B
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Toshiba Corp Technical Analysis Chart | 6502 | JP3592200004 | 4-Traders
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Mean consensus HOLD
Number of Analysts 11
Average target price 281  JPY
Spread / Average Target -11%
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Managers
NameTitle
Satoshi Tsunakawa Executive President & Director
Masayoshi Hirata Chief Financial Officer & Director
Naoto Nishida Senior Managing Executive Officer
Yasuo Naruke Director & Representative Executive Vice President
Kouichi Ikeda Independent Outside Director
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