Skip to main content

Hutchinson Technology being acquired by competitor TDK

  • Author:
  • Updated:
    Original:

Hutchinson Technology announced Monday it's being purchased by Tokyo-based TDK.

Hutchinson Tech started making electronic components in a south central Minnesota chicken coop 50 years ago, then hit its stride supplying suspension assemblies for disk drives in the late 20th Century.

The company's president and CEO, Rick Penn, said in a statement that combining resources with TDK "...represents a compelling opportunity for Hutchinson Technology shareholders, employees, customers and suppliers."

Hutchinson Tech's stock price more than doubled in Monday's trading after the morning announcement.

Sales of disk drive components have sagged as flash drives and other data storage alternatives have become more popular, MPR News notes.

The Star Tribune says Hutchinson Tech's current level of 2.500 employees is down from 3,900 in 2004 and 7,700 in 1999.

According to the Hutchinson Leader, the facilities in Hutchinson and Eau Claire together have about 100 more employees than the company's largest plant in Thailand.

A Hutchinson Tech spokeswoman tells the Leader it's too soon to know how the acquisition by TDK will affect employment levels, but says overall the company views the deal as a positive for employees.

Hutchinson Tech and TDK say their boards have approved the acquisition and they expect it to be finalized by regulators by March.

Next Up

7F060B54-5776-4E1A-A42C-F36C22FAF493

Hero dad who stopped carjacker who fled with his kids identified

A GoFundMe has been set up to support Derek Gotchie and his family following the incident.

Screen Shot 2022-12-03 at 4.35.18 PM

Watch: New London-Spicer wins 3A championship on incredible walk-off TD

New London-Spicer defeated the unbeaten Dilworth-Glyndon-Felton in remarkable circumstances.

MoorheadMurderSuspect

Suspect in woman's killing in Moorhead is arrested

James Kollie Jr. was arrested Friday evening.

Jennifer Carnahan

Former chair Jennifer Carnahan sues Minnesota GOP, which is suing her back

Carnahan stepped down under a cloud of controversy in August 2021.

Minneapolis Fire Department

One injured after leaping from burning vacant building in Minneapolis

Authorities say the building is known to be used by squatters.

ambulance

Head-on crash leaves two drivers dead in southeastern Minnesota

The crash happened in Houston County just before 4 p.m. Friday.

ConellHarris

Charges: Armed man made death threats at Minneapolis LGBTQ bar

The man allegedly used derogatory terms while threatening to kill someone.

image

FDA pulls last COVID-19 monoclonal antibody treatment as new variants rise

A therapy used to treat more than 11,000 Minnesotans is no longer authorized amid a surge in the latest COVID-19 variants.

Austin Robert LeClaire

Charges: Plymouth man shot girlfriend in head after birthday party

The 23-year-old victim is in critical condition as of Friday.

image

State announces $2.5M in grants for child care providers

Child care providers in roughly a dozen communities will receive funds to help grow the supply of affordable, quality child care.

image

Probe of Golden Valley police uncovers racism, alleged misconduct

One officer was terminated for alleged racist comments and violations of state law.

blowing snow

Blowing snow Friday in Minnesota; will it snow next week?

Winds could gust up to 50 mph Friday afternoon and night.

Related