Oct. 31--Imation Corp. has for the past months been remaking itself as a company focused more on business-related data-storage technologies, and less on consumer tech gadgets.
That metamorphosis may soon be complete.
Imation's previously announced goal to shed its Memorex and XtremeMac consumer-tech businesses may soon be achieved, with a buyer lined up to obtain the Memorex business as of Oct. 15, and negotiations with a separate buyer for the XtremeMac business headed into the home stretch.
The Oakdale-based company declined to identify either buyer.
The two deals, once clinched, would collectively yield about $19 million, according to Scott Robinson, Imation's vice president of investor relations.
The company would get about $10 million of this in the coming months, with the rest being added to Imation's coffers over the following few years, Robinson said.
Imation has sold consumer-electronics devices such as MP3 boomboxes, using the Memorex brand. While this practice will end, the company will continue to sell data-storage products -- such as CDs, DVDs and flash drives -- under the Memorex name.
The XtremeMac line has included an assortment of cases and sleeves for tablets and other consumer devices, along with a variety of compact speaker systems and charging accessories. The XtremeMac brand won't linger at Imation in any capacity.
Imation now plans to focus most of its attention on "secure and scalable-storage products" of the sort used more by businesses than consumers, as it had previously announced.
"We are completing what we said we were going to do," Robinson said. "At this point we're accelerating our transformation."
Imation is not entirely out of the consumer-technology business. It continues to emphasize its higher-end, TDK-branded portable speakers and headphones in an arrangement with Japan-based TDK Corp. Such Imation products are identified with a "TDK Life On Record" slogan.
Imation's TDK gear is largely developed in-house, unlike some of its less-pricey consumer gear that has been manufactured by others and sold by the Minnesota firm.
Imation's latest: a TDK Life On Record Trek Bluetooth wireless outdoor speaker that is 7.5 inches wide and has a degree of weatherproofing to shield it from the elements when used outdoors.
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