He stated: “I am excited about the opportunity to join Imation and extend the Memorex brand - which has built customer loyalty for over 40 years as a leader in high quality recordable media – as well as to strengthen the Imation brand in the consumer sector. A consumer electronics industry veteran, Golacinski was an executive with Maxell Corporation prior to joining Memorex in 1997. Michael Golacinski, President and CEO of Memorex International, Inc, will head up Imation’s consumer business, maintaining the Memorex headquarters in Cerritos, CA. Added to our technology expertise, strong B2B brand, global footprint, broad product portfolio and industry experience, we are creating a new global powerhouse in the data storage industry.” “We are gaining a powerful consumer brand and global market share leader in recordable CDs and DVDs as well as an experienced management team under the leadership of Mike Golacinski. It is also a win-win for both companies’ customers and shareholders,” said Bruce Henderson, Imation Chairman and CEO. “This acquisition is a major strategic milestone for Imation, as we implement our profitable growth strategy. The Boards of both companies have approved the transaction.Ī teleconference for the financial community and news media discussing the acquisition and Imation 2005 earnings is scheduled for 7:30 a.m. Additional cash consideration ranging between $5 million and $45 million would be paid out over a period of up to three years after close, contingent on financial performance of the purchased business. OAKDALE, MN (January 19, 2006) - Imation Corp (NYSE:IMN) and Memorex International, Inc, today jointly announced that they have entered into a definitive agreement under which Imation will acquire Memorex International in an all cash transaction for $330 million. Leading Consumer Brand for Recordable Media Adds to Imation’s Global Technology Engine įinancially Accretive Transaction Expected to Contribute $32 to $36 million in Annual Operating Income After 2006 Integration Īll Cash Purchase for $330 Million Plus Contingent Payments of up to $45 Million
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