|1996||Conner acquired by Seagate|
|Failure of a leading HDD Company|
Why its important
Conner the early market leader in 3.5" HDD's and at one time the world's fastest growing industrial company suffered several product failures leading to its acquisition by Seagate in 1996.
Conner Peripherals shipped its first product in 1987 and as a consequence of its success in the 3.5-inch hard disk drive market was by 1990 the fastest growing company in the history of US commerce The company began experiencing financial difficulties in 1991.
In Sept 1992, Finis Conner hired Tom Mitchell to run the company, with whom he had worked at Seagate.
In 1995 discussing the proposed acquisition by Seagate, Finis Conner stated to financial analysts that the companies only chance to manage supply constraints during a massive component shortage was to join forces with competitor Seagate.
Conner was acquired by Seagate in 1996. The Conner designed high end drives were phased out, and Conner's San Jose facility taken over by a Seagate 2.5 inch drive team, which was largely unsuccessful, and Seagate abandoned the facilities. The Conner headquarters is now occupied by SEMI, the semiconductor trade association.
"America's Fastest Growing Company," Fortune, Aug 13, 1990
"Seagate to Acquire Conner In $1.04 Billion Stock Swap," WSJ, Sep 21, 1995
Seagate and Conner, Joint Proxy Statement, Jan 4, 1996
"Conner: Shortages caused deal," Computer Reseller News, Nov 6, 1995, p. 179