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TECHNOLOGY BRIEFS

Imation Explores Options

October 06, 2000|Reuters

Data storage and imaging systems maker Imation Corp. said third-quarter results will be disappointing and disclosed it had retained an investment bank to explore strategic options for the company, which include financial restructuring, spinoffs, divestitures and joint ventures. Third-quarter revenue and operating income before special items will be below Wall Street expectations, the company said, attributing the shortfall to weaker-than-expected demand for some products, ongoing pricing pressure, and the negative impact of foreign currencies, particularly the euro. The company, which is cutting staff, also said it retained the investment bank Goldman Sachs & Co. to help explore means to boost shareholder value. Shares were unchanged at $19.31 on the New York Stock Exchange.

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