American Magnetics Now the Damon Group

American Magnetics Corp. said its stockholders approved changing the company’s name to Damon Group Inc., effective April 5.

Last year, a partnership controlled by American Magnetics and including top company executives bought Massachusetts-based Damon Corp., a medical testing company, for about $317 million. After the acquisition, 80% of the company’s sales were from Damon, which was counted as a subsidiary of American Magnetics even though American Magnetics does not own a majority of the stock in Damon Corp.

“Damon’s medical services business is now our principal business segment,” said Robert L. Rosen, chief executive of the parent company, in a statement. “It makes sense to change our name to reflect that emphasis.”

The stock symbol for Damon Group, whose shares trade over the counter, is DMNG.