Hitachi wraps up Maxell buy

Japanese IT giant Hitachi has finished its acquisition of storage vendor Maxell.

The company on Friday announced that it had acquired all outstanding shares of Maxell and that the company would become a wholly-owned subsidiary of Hitachi.

The two firms hope that the move will allow both businesses to better work on collaborative projects. The two are currently working together on a rechargeable lithium-ion battery project.

"The Hitachi decision will solidify a foundation of technological growth in the key areas of energy products, optical components and functional materials and components," the company said in a statement.

"Hitachi plans to optimize the entire groups’ resources and accelerate the restructuring of the business portfolio in order to secure a foundation for future growth in these categories."

The companies will also share some manufacturing facilities and research labs.

The news of the Hitachi buyout comes just days after Maxell unveiled its new line of USB thumb drives.

The company also specializes in removable tape and disk storage lines. Maxell said that it does not expect any of its storage businesses to be cut as a result of the acquisition.