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Imation to acquire Memorex

Imation will acquire Memorex for $330 million in cash.

Data storage maker Imation on Thursday said it would acquire Memorex International for $330 million cash, plus future cash considerations of up to $45 million.

Imation also reported net income from continuing operations of $18.4 million, and earnings per share on that basis of 52 cents, compared with $1.8 million or 5 cents per share a year earlier.