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TDK swallowed by Imation – itsBreakingNews

TDK Australia staff were told at 4.00pm this afternoon that its parent company in Tokyo has reached an agreement to sell its recording media business to US-based Imation for $US300 million in stock and cash and receive representation on the Imation board.

TDK Australia managing director, Scott Brownscombe, advised retail customers via a letter sent after the close of business.

“We are confident that Imation’s commitment to the recording media business and development of new products in this category combined with TDK’s brand equity will translate into a stronger TDK brand,” Brownscombe said.

“As you are aware TDK and Imation are global businesses and the impact of this decision on the Australian operations will be determined over the coming months and we will keep you informed,” he said.

According to a statement released this evening, the agreement will see Imation acquire TDK’s worldwide recording media business and use of the TDK brand name for recording media products including magnetic tape, optical media, flash media and accessories for $US300 million in a combination of Imation common stock and cash with potential for payment of up to an additional $70 million based on future financial performance of the acquired business.
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