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December 1, 1998

IMATION COMPLETES SALE OF UNIT TO KODAK

By CBR Staff Writer

Imation Corp, the imaging and data storage company which has now completed the sale of its medical imaging systems business to Eastman Kodak Co (8/5/98), says it plans to use the $532m from the sale – up from an initial price of $520m – to pay down $360m of outstanding debt and lease obligations. In addition, the Oakdale, Minnesota-based company intends to resume open market share repurchases in next year’s first quarter. It has authorized the repurchase of up to 3.5 million of the 39 million outstanding shares. As part of the deal with Kodak, 1,600 Imation employees will change hands as well as facilities in North America, Latin America and Asia.

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