sandisk-on-the-defensive-as-revenues-drop

SanDisk on the defensive as revenues drop

The US flash memory producer, which is the target of a hostile takeover by Samsung, announces the sale of manufacturing capacity to Toshiba amid a 21% year-on-year decline in third-quarter revenues.
US-based SanDisk Corporation, the producer of flash memory data storage products that was until this morning the target of a hostile takeover by Korean conglomerate Samsung Group, announced third-quarter revenues of $821 million on Monday, representing a year-on-year drop of 21%. On the same day, it said it will restructure its joint venture with Toshiba by selling 30% of the JVÆs manufacturing capabilities to the Japanese partner.

SanDisk expects to net $1 billion from the sale both in cash proceeds and savings made on leasing expenditure. This is a move that will boost the balance sheet of the troubled memory producer and may have been intended to try to wring a...
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