20 July 2003
Dubai, July 2003 -Imation Corp. (NYSE: IMN), a worldwide leader in removable data storage media, today announced it has entered into an agreement, subject to regulatory approval, to purchase certain assets and intellectual property relating to removable data storage tape media from EMTEC Magnetics GmbH, a German-based manufacturing subsidiary of EMTEC International Holding GmbH. Since April 1st, 2003, a court-appointed Insolvency Administrator under Germany’s Insolvency Act has managed the affairs of EMTEC Magnetics GmbH. Financial details of the agreement between Imation and EMTEC were not disclosed.
The agreement will enable Imation to ensure worldwide availability of half-inch legacy tape products, such as 3480, 3490E and 9490EE tape cartridges, to data center customers.
“As a result of EMTEC’s insolvency filing, there have been some limitations in the availability of raw materials which has caused temporary supply restrictions of legacy products to the market,” said Ron Zinke, vice president and general manager, Imation’s Data Storage Media and Services business. “There is a large base of customers who rely on these legacy products for storage of their mission-critical data and this supply interruption has caused problems in their data center operations. By making this investment, Imation will be able to expedite the resumption of supply and ensure long-term availability of these legacy products to our global customers.”
"Our agreement to purchase certain assets and intellectual property from EMTEC demonstrates Imation’s commitment to provide superior service and support to our data center customers and to invest in our core removable media business. At Imation, our goal is, and has always been, to help customers better manage their data center operations, and we believe this agreement will provide significant value to our customers by ensuring the continued availability of legacy tape products in the foreseeable future,” added Zinke. The transaction is subject to regulatory approvals, as well as other customary conditions. Subject to these approvals, Imation expects the transaction to close in the fourth quarter of 2003.
-Ends-
About Imation:
Imation Corp. is a leading developer, manufacturer and supplier of magnetic and optical removable data storage media. With one of the broadest product lines in the industry spanning from a few megabytes to hundreds of gigabytes of capacity in each piece of media, Imation serves customers in more than 60 countries, in both business and consumer markets. From large data centres to distributed networks, Imation's tape cartridges are used in data processing, security, business continuity, backup and archiving applications. Customer needs for reliability, convenience and portability to store and manage business data, photos, video, images and music on professional and home desktops and increasingly in consumer electronics devices drive demand for Imation's optical and diskette products. With more than 300 technology scientists and over 300 patents in the U.S. alone, Imation continues to pioneer today's proven magnetic and optical media technologies.
As of December 2002, Imation employed approximately 2,800 people worldwide. Revenues from outside the U.S. contribute approximately 49 percent of total sales. Imation Corp. is located in Oakdale, Minnesota, USA, the European Headquarters is based in Schiphol, near Amsterdam, The Netherlands.
Imation Middle East is based in Jebel Ali Free Zone, Dubai.
Imation EMEA Pressroom On-line:
Quick access to the latest news, pictures, backgrounds, the Imation news archive and more is available in six languages at: www.online-pressrooms.com
Imation General Information:
More information about Imation is available at www.imation.ae or via www.imation.com
Your local press contact:
Imation:
Christian Zins,
Tel: +49 213 226311,
E-mail: czins@imation.com
Market Buzz International:
Cyrus Roche,
Tel: +971 4 3914873,
E-mail: cyrus@themarketbuzz.net
Certain information contained in this press release, which does not relate to historical financial information, including the Business Outlook, may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties that could cause the Company's actual results in the future to differ materially from its historical results and those presently anticipated or projected.
Dubai, July 2003 -Imation Corp. (NYSE: IMN), a worldwide leader in removable data storage media, today announced it has entered into an agreement, subject to regulatory approval, to purchase certain assets and intellectual property relating to removable data storage tape media from EMTEC Magnetics GmbH, a German-based manufacturing subsidiary of EMTEC International Holding GmbH. Since April 1st, 2003, a court-appointed Insolvency Administrator under Germany’s Insolvency Act has managed the affairs of EMTEC Magnetics GmbH. Financial details of the agreement between Imation and EMTEC were not disclosed.
The agreement will enable Imation to ensure worldwide availability of half-inch legacy tape products, such as 3480, 3490E and 9490EE tape cartridges, to data center customers.
“As a result of EMTEC’s insolvency filing, there have been some limitations in the availability of raw materials which has caused temporary supply restrictions of legacy products to the market,” said Ron Zinke, vice president and general manager, Imation’s Data Storage Media and Services business. “There is a large base of customers who rely on these legacy products for storage of their mission-critical data and this supply interruption has caused problems in their data center operations. By making this investment, Imation will be able to expedite the resumption of supply and ensure long-term availability of these legacy products to our global customers.”
"Our agreement to purchase certain assets and intellectual property from EMTEC demonstrates Imation’s commitment to provide superior service and support to our data center customers and to invest in our core removable media business. At Imation, our goal is, and has always been, to help customers better manage their data center operations, and we believe this agreement will provide significant value to our customers by ensuring the continued availability of legacy tape products in the foreseeable future,” added Zinke. The transaction is subject to regulatory approvals, as well as other customary conditions. Subject to these approvals, Imation expects the transaction to close in the fourth quarter of 2003.
-Ends-
About Imation:
Imation Corp. is a leading developer, manufacturer and supplier of magnetic and optical removable data storage media. With one of the broadest product lines in the industry spanning from a few megabytes to hundreds of gigabytes of capacity in each piece of media, Imation serves customers in more than 60 countries, in both business and consumer markets. From large data centres to distributed networks, Imation's tape cartridges are used in data processing, security, business continuity, backup and archiving applications. Customer needs for reliability, convenience and portability to store and manage business data, photos, video, images and music on professional and home desktops and increasingly in consumer electronics devices drive demand for Imation's optical and diskette products. With more than 300 technology scientists and over 300 patents in the U.S. alone, Imation continues to pioneer today's proven magnetic and optical media technologies.
As of December 2002, Imation employed approximately 2,800 people worldwide. Revenues from outside the U.S. contribute approximately 49 percent of total sales. Imation Corp. is located in Oakdale, Minnesota, USA, the European Headquarters is based in Schiphol, near Amsterdam, The Netherlands.
Imation Middle East is based in Jebel Ali Free Zone, Dubai.
Imation EMEA Pressroom On-line:
Quick access to the latest news, pictures, backgrounds, the Imation news archive and more is available in six languages at: www.online-pressrooms.com
Imation General Information:
More information about Imation is available at www.imation.ae or via www.imation.com
Your local press contact:
Imation:
Christian Zins,
Tel: +49 213 226311,
E-mail: czins@imation.com
Market Buzz International:
Cyrus Roche,
Tel: +971 4 3914873,
E-mail: cyrus@themarketbuzz.net
Certain information contained in this press release, which does not relate to historical financial information, including the Business Outlook, may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties that could cause the Company's actual results in the future to differ materially from its historical results and those presently anticipated or projected.
© Press Release 2003
