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September 15, 1998

IMATION FINALLY HANDS OFF CD-ROM BUSINESS

By CBR Staff Writer

Imaging and data storage outfit Imation Corp said that it has completed the sale of its CD-ROM services business to Metatec Corp of Dublin, Ohio, a move first announced by the company back in June (CI No 3,432). The final price paid for the unit – which saw 1997 revenues of $60m – was $39.8m, approximately $37m of which was in cash. The deal includes the transfer of all of Imation’s CD-ROM business, including assets in the Netherlands, Wisconsin and California. Roughly 45 of the 270 Imation employees affected by the sale will be lost in the shuffle, and the rest will find new homes at Metatec. Imation says the transaction will have no material impact on its third quarter results. The sale of the unit follows the company’s announcement that it plans to focus on its core markets of information and image management.

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