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Technology / AI and automation

CONTROL DATA TO BUY UNISYS OUT OF MAGNETIC PERIPHERALS

With the big disk drive design and manufacturing operations of Memorex under its belt, Unisys Corp has no need of an interest in the Control Data-managed rival, Magnetic Peripherals Inc, and has persuaded the revitalised Minneapolis company to buy the stake. Control Data signed a letter of intent to buy the 13% Unisys stake on undisclosed terms in a move that will take its stake up to 80%. Honeywell Information Systems holds 14% and Bull SA 6%. Unisys acquired the stake through Sperry, which pitched its withering ISI big disk manufacturer into Magnetic Peripherals in exchange for a 13% holding four years ago. Unisys has agreed to remain a customer for disk drives manufactured by Magnetic Peripherals Inc for at least another two years following the sale.

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CBR Staff Writer

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