Imation to cut 20 percent of its workforce after double-digit declines in 3Q

Imation Corp. says it will layoff about one-fifth of its workforce or roughly 200 workers worldwide by next year after poor third-quarter numbers, including a nearly 20 percent drop in revenue compared to the previous year, the Star Tribune reports. There is no word on how many employees in the Twin Cites will be affected. The Oakdale-based maker of optical discs, magnetic tape and flash drives wants to reduce operating expenses by about 25 percent.
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Imation Corp. says it will layoff about one-fifth of its workforce or roughly 200 workers worldwide by next year after poor third-quarter numbers, including a nearly 20 percent drop in revenue compared to the previous year, the Star Tribune reports. There is no word on how many employees in the Twin Cites will be affected.

The Oakdale-based maker of optical discs, magnetic tape and flash drives wants to reduce operating expenses by about 25 percent, the Business Journal reports. Imation will also realign its business into two units to focus on data storage and security products.

Click here, for the company news release.

Click here, to follow Imation's stock performance.

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