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3M Data Storage and Imaging Spinoff to be Called Imation

April 17, 1996 GMT

MINNEAPOLIS (AP) _ Five months after the announcement of its spinoff, The 3M Co. on Tuesday unveiled the name of its news data storage and imagining company.

Imation Corp. will begin business as an independent, publicly owned company starting July 1. It will incorporate 3M’s data storage, medical imaging and photo products, printing and publishing systems, and its hardgoods and electronics service and support organization.

Minnesota Mining & Manufacturing Co. announced the spinoff Nov. 14 as part of a restructuring plan that included cutting 5,000 jobs worldwide and dropping its audio and video cassette tape manufacturing operations.

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Imation, with headquarters in Oakdale, Minn., and 11,000 employees worldwide, will not totally cut its ties with 3M. During the transition, Imation’s logo and packaging will carry the tagline ``Borne of 3M Innovation.″

Also, 3M shareholders will have a stake in Imation, which will be traded on the New York Stock Exchange. 3M shareholders will receive one share of Imation stock for every 10 shares of 3M stock they hold.

The deal is expected to be tax free to shareholders. Price of the Imation stock will be announced July 1.