Imation Buys Remaining Memcorp Assets
Less than a month after announcing its purchase of the recording properties of the TDK brand, the Minnesota-based blank media company Imation said Tuesday that they are buying the assets of another top blank media brand: Memcorp, Inc., the maker of the Memorex brand.
The deal is for about $60 million, including $23 million in cash and over $37 million in three-year notes. Imation is buying the Memcorp properties from a privately held company called Hopper Radio, and the deal is expected to close in the third quarter. Imation had already purchased the Memorex brand for $300 million in January of 2006, but the new deal covers Memcorp’s other assets.
Also Tuesday, Imation announced the closure of its floppy-disk business, and plans to cut 675 jobs, the Minneapolis/St. Paul Business Journal reported.