By Chris Holbrook, 2 April 2001 16:02
NEWS Quantum said it will instead attempt to take on the likes of EMC and focus more on selling higher-level product storage and services rather than components. The deal, first disclosed on 4 October 2000 at a valuation of $2.3bn, was finally approved late on Friday and will make Maxtor the world's largest disk drive company. Late last month Quantum's tape backup and storage group (DSS) warned that results for its fiscal fourth quarter would drop about 20 percent from the previous quarter estimates due to a downturn in IT spending.
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