Imation Sells Oakdale HQ, Will Exit Minnesota
After being spun off from 3M in 1996 and growing into Minnesota’s 39th largest public company, Imation is packing up and leaving.
According to a regulatory filing Friday, the data storage and security company sold its Oakdale headquarters to Slumberland Inc. for $11.5 million. Reports indicate that Imation will maintain a small office in the space as it continues its exit from the state.
Imation also sold off Memorex, a consumer electronics brand specializing in CDs, DVDs and computer accessories, to St. Louis-based consumer electronics company DPI Inc. The deal with DPI includes two other unnamed trademarks for a deal totaling $9.4 million.
Bob Fernander, the interim CEO at Imation, said in a statement that the company is “on track to completing the restructuring of our legacy businesses in Q1 2016.”
Imation posted losses of $107 million in 2015 based on $729.5 million in revenue. Last October, 124 staff members were laid off at its Oakdale headquarters
In the release, Imation’s non-executive chairman of the board Joseph De Perio said, “we look forward to continuing the transpiration of the corporation into an entity poised for sustained growth and equity value creation.”
Outside of Minnesota, Imation currently holds offices in Boulder, Colorado, Thousand Oaks, California, Canada, Australia, Japan, Netherlands, Panama, and the U.K.