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Technology / AI and automation

APPLIED MAGNETICS COMPLETES ACQUISITION OF NORTRONICS

Applied Magnetics Corp, Goleta, California, has completed the acquisition of Nortronics Co for $6.78m in cash and promissory notes; Nortronics, based in Minneapolis, manufactures magnetic recording tape heads and card readers; Applied Magnetics’ president, Ben Newitt, claims that the Nortronics purchase will add approximately $12m in profitable sales to the remaining nine months of Applied Magnetics’ current fiscal year.

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