Toshiba on Tuesday finalized the purchase of OCZ Technology's assets and in a move that will likely surprise many, the company will continue to use the OCZ brand moving forward with the creation of a new subsidiary known as OCZ Storage Solutions.

The subsidiary will consist of OCZ's enterprise and client solid state drive businesses which means OCZ's current product portfolio of SATA, SAS and PCI Express drives for enterprise customers as well as existing SATA and PCI Express solutions for the average consumer will live on.

OCZ Storage Solutions will have direct access to Toshiba NAND and will use it alongside OCZ's proprietary controllers, firmware and software. A shortage of flash memory is rumored to be one of the reasons why the company went under in the first place.

In a statement on the matter, Seiichi Mori, vice president of Toshiba's semiconductor and storage company and corporate vice president of Toshiba, said the acquisition further expands their solid state storage capabilities and represents their commitment to the high-growth area.

He added that their goal is to offer a leading edge portfolio of solid state solutions to address the storage challenges faced by both client and enterprise customers and the acquisition of OCZ will help them realize this strategy.

OCZ Solutions CEO Ralph Schmitt noted that with Toshiba's financial strength and portfolio of NAND flash memory, the company is now in an advantageous position as one of the few companies in the SSD industry with advanced controller IP and NAND flash supply under one global organization.

OCZ Solutions will retain its worldwide sales channels and remains headquartered in San Jose, California.