IMATION TO BUY MEMOREX INT’L FOR $330MIL

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IMATION TO BUY MEMOREX INT’L FOR $330MIL

 user 2006-01-26 at 10:08:00 am Views: 65
  • #13902

    Imation to buy Memorex; posts Q4 profit
    20 January 2006 – Oakdale (MN): Imation is to buy Memorex International for $330 million in cash.
    The
    deal, which strengthens Imation’s CD and DVD business, includes
    performance-based payments of $5 million to $45 million after the
    transaction closes.
    Imation has also posted Q4 earnings of $18.4
    million, or EPS of $0.52, compared to last year’s loss of $7.9 million
    or $0.23 per share.

    Imation to Ship Water Resistant Discs
    New AquaGuard technology will provide protection from water and humidity
    Imation
    Corp. yesterday announced a new water-resistant and smear-resistant
    surface for inkjet printable material. Dubbed AquaGuard, this new
    surface cover material should start appearing on Imation optical media
    in the second quarter of this year.
    AquaGuard uses a proprietary
    surface which uses nanoparticles to grip and hold ink, locking printed
    images in place. This helps to resist smears and color bleeding when
    exposed to water or humidity. Imation said discs with this technology,
    which is already available in Japan, are compatible with all models of
    leading inkjet-based disc duplication and printing equipment from
    Primera as well as disc printable systems from Epson.
    “Water-resistance
    is a feature that our customers have been requesting for many years,”
    said Mark Strobel, Primera’s vice president of sales and marketing.
    “Imation’s AquaGuard surface delivers the outstanding print quality,
    instantaneous drying and incredible water resistance that will allow
    inkjet printed CDs and DVDs to be used in virtually any application
    where exposure to raindrops, snowflakes or immediate handling was a
    concern.”