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Sun Looking To Turn Its Cash Into Growth With StorageTek Buy; Plans $4.1 Billion Acquisition; But critics say StorageTek's mature tape drive business won't do much to help Sun.(INTERNET & TECHNOLOGY)
Byline: KEN SPENCER BROWN
Apparently "S" also stands for storage.
Sun Microsystems' turnaround effort -- and its new rebranding campaign, based on a swooping S emblem -- got a boost Thursday with a $4.1 billion cash buyout of Storage Technology.
The purchase aims to bolster Sun's product line and bring the struggling server maker a 1,000-person sales force with know-how in the data storage market.
"It's an exciting announcement for both companies," said Sun Chief Executive Scott McNealy during a morning conference call. "We have the cash. We have committed to turning that into some profitable revenue-generating, profit-generating and cash-generating capabilities."
Sun shareholders weren't as upbeat. The firm's stock dropped 3% to close at 3.79. StorageTek shares rose 16% to 36.36, approaching the premium that Sun is paying for the Louisville, Colo., firm's stock.
Sun will pay StorageTek shareholders $37 per share. The deal should close in late summer or early fall.
- Sun StorageTek SL8500 Chalks Up Its 1000th Customer Shipment.
- Press release article from: PR Newswire July 27, 2006 700+ words
...celebrated the 1000th delivery of its Sun StorageTek (TM) StreamLine SL8500 tape...s tape portfolio including the Sun StorageTek SL500 winning both a 2006 Most...shipment of more than 1,000 Sun StorageTek T10000 tape drives since March...
- The California Institute of Technology and National Archive Publishing Company...
- Press release article from: M2 Presswire January 19, 2007 700+ words
...National Archive Publishing Company Select Sun StorageTek NAS Appliances; Sun StorageTek NAS Delivers Lowest Total Cost of Ownership...National Archive Publishing Company have selected Sun StorageTek Network Attached Storage (NAS) Appliances...
- The California Institute of Technology and National Archive Publishing Company...
- Press release article from: PR Newswire January 18, 2007 700+ words
Sun StorageTek NAS Delivers Lowest Total Cost of Ownership...Archive Publishing Company have selected Sun StorageTek(TM) Network Attached Storage (NAS...and images of home directories. The Sun StorageTek NAS Appliance delivers the reliability...
- Thought Equity Motion Quadruples Speed of Film and Video Delivery with Sun...
- Press release article from: M2 Presswire March 16, 2007 700+ words
...Quadruples Speed of Film and Video Delivery with Sun StorageTek Solution; Sun StorageTek T10000 Provides Petabyte-Scale Archive Growing...that Thought Equity Motion, Inc. has added Sun StorageTek T10000 tape drives to its existing Sun storage...
- Thought Equity Motion Quadruples Speed of Film and Video Delivery With Sun...
- Press release article from: PR Newswire March 15, 2007 700+ words
Sun StorageTek T10000 Provides Petabyte-Scale Archive...Thought Equity Motion, Inc. has added Sun StorageTek(TM)T10000 tape drives to its existing...replacement costs by leveraging our existing Sun StorageTek tape library and have established a...
- Sun & StorageTek sued for software piracy; StorageTek users could be named.
- Newspaper article from: Client Server News December 11, 2006 700+ words
...Toolmaker Netbula LLC is suing Sun and StorageTek in the federal courts in California...interesting twist, it also wants Sun and StorageTek to identify LibAttach users...fraudulent conduct committed by StorageTek, Sun resorted to attempts to intimidate...
- Imation Supports New Sun StorageTek T9840D Tape Drive System as Global Provider...
- Press release article from: PR Newswire February 28, 2008 700+ words
...announced its support for Suns' next-generation Sun StorageTek(TM) T9840D drives, which...is the global provider of Sun StorageTek media for this new drive technology...capacity as compared with the Sun StorageTek T9840C tape drive resulting...
- Sun buys StorageTek in $4.1bn move towards providing total corporate...
- Magazine article from: RETHINK IT Gabriel, Caroline July 1, 2005 700+ words
...it is hard to see why Sun chose StorageTek as the big cash deal that...have raced to meet. So StorageTek will bring Sun additional revenues and...center expertise. With StorageTek's products in its arsenal, Sun will now be able to market...
