![]() In 1996, Seagate merged with Conner Peripherals to form the world's largest independent hard-drive manufacturer. Upon leaving, the company was the 17th-largest company in terms of trading volume on the Nasdaq exchange. The following year, Seagate Technology Inc moved from the Nasdaq stock exchange to the New York Stock Exchange, trading under the ticker symbol SEG. In May 1993, Seagate became the first company to cumulatively ship 50 million HDDs over its firm's history. In 1991, Seagate also introduced the Barracuda HDD, the industry's first hard disk with a 7,200 RPM spindle speed. This included a domestic partnership with Corning Inc., which began using a new glass-ceramic compound to manufacture disk substrates. This allowed Seagate to better keep up with demand for PCs, which increased extremely rapidly in 1993 across the market. He also pulled away from outsourcing component production overseas. Shugart refocused the company on its more lucrative markets, and on mainframe drives instead of external drives. In September 1991, Tom Mitchell resigned as president under pressure from the board of directors, with Al Shugart reassuming presidency of the company. Seagate benefited from Imprimis' head technology and reputation while Imprimis gained access to Seagate's lower component and manufacturing costs. ![]() In 1989, Seagate acquired Imprimis Technology, the disk storage division of Control Data Corporation, resulting in a combined market share of 43%. ![]() By this point, the company had a 45% market share of the single-user hard drive market, with IBM purchasing 60% of the total business Seagate was doing at the time. Shugart continued to oversee corporate planning. In 1983, Al Shugart was replaced as president by then chief operating officer, Tom Mitchell, in order to move forward with corporate restructuring in the face of a changing market. By 1983, the company shipped over 200,000 units for revenues of $110 million. In their first year, Seagate shipped $10 million worth of units to consumers. The large volumes of units sold to IBM fueled Seagate's early growth. With this, Seagate secured a contract as a major OEM supplier for the IBM XT, IBM's first personal computer to contain a hard disk. It used a Modified Frequency Modulation (MFM) encoding and was later released in a 10 MB version, the ST-412. It was the first hard disk to fit the 5.25-inch form factor of the Shugart mini-floppy drive. The company's first product, the ST-506, with a storage capacity of 5 megabytes (MB), was released in 1980. The name was changed to Seagate Technology to avoid a lawsuit from Xerox's subsidiary Shugart Associates (also founded by Shugart). The company came into being when Conner approached Shugart with the idea of starting a new company to develop 5.25-inch HDDs which Conner predicted would be a coming economic boom in the disk drive market. Seagate Technology (then called Shugart Technology) was incorporated on November 1, 1978, and commenced operations with co-founders Al Shugart, Tom Mitchell, Doug Mahon, Finis Conner, and Syed Iftikar in October 1979. Seagate ST-225, cover removed Founding as Shugart Technology Today, Seagate, along with its competitor Western Digital, dominates the HDD market. Seagate acquired Conner Peripherals in 1996, Maxtor in 2006, and Samsung's HDD business in 2011. In 1989, Seagate acquired Control Data Corporation's Imprimis division, the makers of CDC's HDD products. Much of their growth has come through their acquisition of competitors. They were a major supplier in the microcomputer market during the 1980s, especially after the introduction of the IBM XT in 1983. Seagate developed the first 5.25-inch hard disk drive (HDD), the 5-megabyte ST-506, in 1980. Since 2010, the company has been incorporated in Dublin, Ireland, with operational headquarters in Fremont, California, United States. It was incorporated in 1978 as Shugart Technology and commenced business in 1979. Seagate Technology Holdings plc is an American data storage company.
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