Hitachi Global Storage Technologies Inc., a U.S.-based hard-disk drive subsidiary of electronics giant Hitachi Ltd., said Thursday it will rebuild its business on its own, denying rumors it will sell part of its shares to U.S. investment fund Silver Lake Partners.
Hitachi had been in talks with the investment fund to sell close to 50 percent of HGST's shares as it struggles to turn around the loss-making HDD division.
"We consulted with (parent) Hitachi and came to the conclusion that we should rebuild the business by ourselves," Hiroaki Nakanishi, HGST chief executive officer, said in Tokyo.