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.