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Technology / AI and automation

APPLIED MAGNETICS TO ACQUIRE MAGNETIC DATA

Applied Magnetics Corp, Goleta, California has a letter of intent to acquire Magnetic Data Inc, a privately held Eden Prairie, Minnesota repairer and refurbisher of high-capacity rigid-disk drives, disk packs, and computer tapes: founded in 1982, Magnetic Data reported profitable sales of some $13m for its year to December 31 and expects to grow 20% to 25% this year; the terms were not disclosed.

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