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Fujitsu's hard-drive business now Toshiba's

Fujitsu completes transfer of hard-drive business to Toshiba, concluding agreement that moves business into new company called Toshiba Storage Device Corp.

Fujitsu and Toshiba announced on Thursday that they have completed the transfer of Fujitsu's hard-drive business to Toshiba.

First announced in February, the agreement moves Fujitsu's former hard-drive business into a new Toshiba subsidiary company called Toshiba Storage Device Corp., or TSDC.

To ease the transfer, Toshiba will initially own 80 percent of TSDC, with the remaining 20 percent owned by Fujitsu. By December of 2010, Fujitsu will give up its entire share, making TSDC a wholly owned Toshiba subsidiary.

The conclusion of the deal had been postponed because of delays in obtaining regulatory approval from the European Commission.

Facing intense competition from rivals Seagate, Western Digital, and Hitachi, Toshiba is hoping to carve out a bigger slice of the hard-drive market. The company said it's looking to capture hard-drive sales of 600 billion yen ($6.7 billion) by its fiscal year ending March 2012 and win 20 percent of the market for the year ending March 2016.