Micropolis in Pact to Sell Disk Drive Business

Micropolis Corp. in Chatsworth said it has agreed to sell its troubled disk drive business to Singapore Technologies for about $47 million.

The company will rename itself StreamLogic and focus on storage systems for digital disk recorders, video servers and other storage devices. Larry Smart will continue as chairman, chief executive and president of the company.

The deal includes Singapore Technologies’ agreement to assume Micropolis’ disk drive accounts payable and the mortgage debt on a factory under construction in Singapore.

The sale, which is subject to shareholder and regulatory approvals, is expected to be completed March 29.