Imation Buys Memorex

Imation has acquired Cerritos-based Memorex, a manufacturer of CD and DVD media, optical and flash drives, and media accessories. Imation said that it will acquire Memorex for $330M in cash, plus contingent payments of up to $45M. Imation is a competing manufacturer of media for the computer industry. Imation said that it believes the acquisition will be accretive, and add $32 to $36M to its annual operating income.