Imation Divests Business As Losses Keep Mounting

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By Kevin Mahony, Twin Cities Business

Imation, a data storage and security company, on Wednesday announced the sale of one of its consumer electronics businesses and reported a 15 percent drop in revenue, as well as a net loss of about $35 million.

The struggling Oakdale-based company said it has divested its Memorex consumer electronics business, and it has signed a letter of intent to also sell its similar XtremeMac business.  Imation announced in February that it planned to sell those businesses as part of its turnaround strategy.”

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