Ampex Corp. completes disposal of magnetic tape subsidiary - advanced recording media production to be retained.REDWOOD CITY Redwood City, city (1990 pop. 66,072), seat of San Mateo co., W Calif., on San Francisco Bay; inc. 1868. Manufactures include commmunications, electrical, electronic, and medical equipment. , Calif.--(BUSINESS WIRE)--Nov. 13, 1995--Ampex Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :AMPX) today announced that it has completed the sale of its magnetic tape subsidiary to Quantegy Acquisition Corporation. The magnetic tape subsidiary has its primary facility in Opelika, Alabama Opelika is a city in Lee County in east central Alabama. It is the county seat of Lee County and is a principal city, along with Auburn, Alabama, in the Auburn-Opelika, Alabama Metropolitan Statistical Area (MSA). , where it manufactures recording tape for audio, video, and instrumentation markets. The business will change its name to Quantegy Inc. but it is expected that, for a transitional period and for these markets only, its recording tape will continue to be sold under the Ampex trademark. The business that is being disposed of primarily supplies recording tape for use with recording equipment that Ampex Corporation has discontinued, or for equipment not manufactured by Ampex, and it has been accounted for as a discontinued operation discontinued operation A segment of a business that has been abandoned or sold or for which plans for one or another of these actions have been approved. See also continuing operations. since May 1993. Ampex Corporation will continue to produce recording tape for use with all of its current line of digital data storage, video, and instrumentation tape drives and robotic libraries in order to ensure the level of quality and technical specifications required for these advanced products. This operation is conducted by Ampex Digital Media, a division of Ampex that is located at the Company's Redwood City, California Redwood City is a suburb located on the San Francisco Peninsula in the San Francisco Bay Area of California. Redwood City is the county seat of San Mateo County. As of the 2005 census, the city had a total population of 76,000. , headquarters and research and development facility. The Ampex Digital Media division is also chartered to research and develop new recording media technologies, including Ampex's keepered media technology, which is being evaluated for its potential to increase the data storage capacity of hard disk drives used with computers. In connection with the sale of its magnetic tape subsidiary, Ampex has received only a nominal cash consideration, but the Company will record a gain on the disposal of approximately $45 million in its fiscal fourth quarter, which ends on December 31, 1995. Ampex Corporation is one of the world's leading innovators in the fields of magnetic recording, image processing image processing Set of computational techniques for analyzing, enhancing, compressing, and reconstructing images. Its main components are importing, in which an image is captured through scanning or digital photography; analysis and manipulation of the image, accomplished and high-performance digital storage. Ampex is currently focusing its technology on the emerging market for mass data storage in the visual information age. During its 50-year history of innovation, Ampex has been granted thousands of patents and numerous awards for technical achievement. Headquartered in Redwood City, California, Ampex's customers today include such leading organizations as Boeing, Eastman Kodak, Mobil Oil, Time Warner Time Warner Inc. (NYSE: TWX), formerly known as AOL Time Warner, is the world's largest media and entertainment conglomerate headquartered in New York City, with major operations in film, television, publishing, Internet service and telecommunications. and NASA NASA: see National Aeronautics and Space Administration. NASA in full National Aeronautics and Space Administration Independent U.S. . CONTACT: Ampex Corp. Karen D. Schweikher, 415/367-4111 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion