Imation Exits Tape Business
The board has authorized plans to wind-down the Company's
legacy tape media business and consumer storage and accessories segment, and to
end the long-term license agreement with TDK Corporation.
Imation plans to leverage cash from the wind down to reinvest
in it's Tiered Storage and Security Solutions segment. the wind downs are
expected to be completed by first quarter of fiscal 2016. BackupWorks.com
has long supported both Imation and TDK brands, both in Tape Media as well as
Imation RDX - removable disk storage. We will work with our customers
closely to make sure they transition to a suitable alternative going forward,
with
LTO tape media such brands like
HP,
Quantum and
IBM and also with RDX such brands as
Tandberg Data RDX and
HP RDX.