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Maxtor to Expand Manufacturing
Presence in Singapore

 

MILPITAS, Calif. - February 25, 1999 - Maxtor Corp. (NMS:MXTR) today announced that it has signed an agreement to purchase a building in Singapore to support expansion of its hard disk drive manufacturing capability as required to meet demand.

"Maxtor has grown faster than the rest of the industry over the past two years, driven by our consistent leadership in bringing new products to market while delivering the highest levels of quality and customer support," said Mike Cannon, Maxtor's President and CEO. "Over the past year, we increased output in our existing plant through both productivity improvements and the addition of process tooling. We are taking advantage of an opportunity to add raw square footage in Singapore at an attractive price which we will gradually fit up over the next few years as demand warrants."

In the fourth quarter of 1998, Maxtor shipped over 5.3 million hard disk drives for desktop personal computers, up 23% from the third quarter and an increase of 74% from the fourth quarter a year ago. The company increased shipments and revenue over the past year significantly faster than the industry while improving profitability each quarter during the year.

"We believe that flexible manufacturing is one of Maxtor's core competencies and that our manufacturing operation in Singapore has been a key factor in our ability to grow our business rapidly and profitably," said Cannon. "Our unique cell-based manufacturing approach enables us to add capacity in relatively small increments, just ahead of demand. By expanding in Singapore and treating this new factory as an extension of our existing plant, we can continue to incrementally scale capacity in the most cost effective manner and maintain our high rate of asset utilization."

The new building is approximately 350,000 square feet and will include some administrative offices and warehouse capacity in addition to manufacturing lines. This facility is located within 10 kilometers (6.2 miles) north of Maxtor's current Singapore production facility which is in the Ang Mo Kio Industrial Park III. Completion of the purchase is subject to certain conditions and approval from the various Singapore governmental authorities.

About Maxtor
Maxtor Corp. [NASDAQ:MXTR] is a leading supplier of hard disk drives for desktop computer systems. The Company is the fastest growing supplier of hard disk drives for the desktop personal computer market, more than doubling its market share over the past 1 Ĺ years. Maxtor has built its leadership position by consistently leading the industry in bringing new products to market, while delivering the highest levels of quality and customer support. The Company's current products include the 5400 RPM DiamondMax‘ 4320 and DiamondMax 3400 families and the 7200 RPM DiamondMax Plus 2500 series of drives. More information about Maxtor and Maxtor products can be found at http://www.maxtor.com and the Company can be reached toll-free at (800)2-MAXTOR.

This release contains forward-looking statements concerning Maxtor's manufacturing capabilities, the state of demand for Maxtor's products, and the expectation that the company will successfully complete the purchase of additional manufacturing space in Singapore. These statements are based on current expectations and are subject to risks and uncertainties which could materially affect the company's results, including, but not limited to, market demand for hard disk drives, the company's ability to execute future production ramps and utilize manufacturing assets efficiently, pricing, and actions by competitors. These and other risk factors are contained in Maxtor's Prospectus as well as in recent 10-K and 10-Qs.

 

 

Maxtor Editorial Contact
Catherine Hartsog
408-432-4458

 

 

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