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IBM, EMC form $3B pact
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March 24, 1999: 7:22 a.m. ET
EMC to buy advanced IBM disk drives under five-year technology alliance
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NEW YORK (CNNfn) - IBM Corp. and data storage equipment supplier EMC Corp. said Wednesday they have formed a five-year strategic alliance worth $3 billion.
Under the deal, EMC will continue to buy advanced IBM disk drives to be used in its Symmetrix Enterprise Storage systems. The two companies said the agreement is likely to be expanded to include other IBM products in the future, such as microprocessors and custom chips.
"Today one of IBM's fiercest rivals in the storage systems business now becomes one of our best customers for advanced technology," said Jim Vanderslice, senior vice president and group executive of the IBM Technology Group.
"We look forward to a long and mutually beneficial relationship with EMC."
In October, IBM (IBM) created the IBM Technology Group to focus on the OEM market. On March 4, IBM announced a $16 billion technology pact with Dell Computer Corp. (DELL).
"Through its leadership component technology and commitment to building its OEM business, IBM has been one of the few suppliers able to meet our requirements," said Paul Noble, EMC's executive vice president for products and offerings.
"We began integrating IBM's advanced disk drives into our Symmetrix Enterprise Storage systems more than a year ago, and the results have been excellent."
EMC (EMC), based in Hopkinton, Mass., manufactures products that store, retrieve and manage information from various computing environments.
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