Imation Corp. will sell its Memorex and XtremeMac consumer electronics businesses, the Oakdale-based company said Wednesday, Feb. 13, as it reported mounting fourth-quarter 2012 losses.
The company also said it plans to lay off 20 percent of its workforce in the first half of 2013. No numbers were released.
Imation, which makes removable data-storage media such as optical discs and thumb drives, has been focusing more on its secure-storage media and de-emphasizing its consumer electronics businesses.
But the company will keep its TDK Life on Record business, CEO Mark Lucas said.
Imation reported that revenue for the quarter ending Dec. 31 was $299.1 million, down 12.6 percent from the same period a year ago.
The company lost $310.2 million, up from a loss of $12.9 million from last year.
For the full year, the company saw its revenue drop 14.8 percent to $1.1 billion.
Imation lost $340.7 million for the full year 2012, an increase from its loss of $46.7 million in 2011.
Shares were up 2.4 percent at $3.92 in midday trading Wednesday.
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