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Odetics Completes ATL Spinoff

ORANGE COUNTY BRIEFLY

November 02, 1997|(Dow Jones)

ANAHEIM — Odetics Inc. said Friday it has completed the spinoff of its ATL Products subsidiary.

Odetics, which owned an 82.9% stake in the automated tape library unit, distributed about 8 million ATL shares to Odetics stockholders, who received about 1.1 shares of ATL for every Odetics share.

The Internal Revenue Service previously had ruled that the spinoff was tax free to Odetics shareholders.

Anaheim-based Odetics makes a variety of high-tech products.

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