3M Plant in Camarillo Is Renamed Imation

Imation will be the name for the 3M plant in Camarillo, which is becoming part of a new company separate from 3M later this year.

The new name is part of the decision by 3M, announced last November, to split into two companies. The name 3M will remain with the part of the company that has been serving the life science and industrial/consumer markets. The new company, under the name Imation, will serve the data-storage and data-imaging markets.

The Camarillo plant, with more than 700 employees, is a leading producer of personal computer data backup solution tapes and the inventor of the data cartridge and the Travan technology.

Imation will be listed on the New York Stock Exchange and is expected to have sales of $2.25 billion based on 1995 revenues. Worldwide, Imation will have 12,000 employees in more than 60 countries, including 16 factory sites.

The 3M stockholders of record on the July 1 launch date will receive shares in both companies.