Applied Magnetics Corp. announces credit commitment.GOLETA, Calif.--(BUSINESS WIRE)--Dec. 13, 1994--Applied Magnetics Corp. (NYSE NYSE See: New York Stock Exchange :APM (Advanced Power Management) A programming interface (API) from Intel and Microsoft for battery-powered computers that lets programs communicate power requirements to slow down and speed up components. See ACPI. APM - Advanced Power Management ) Tuesday announced that it has completed the sale of its Tape Head operations, located in Santa Maria Santa Maria, city, Brazil Santa Maria (sän`tə mərē`ə), city (1991 pop. 217,592), Rio Grande do Sul state, S Brazil. It is a major railroad terminus and the site of an important military base. , Calif., to Seagate Technology (company) Seagate Technology - A major manufacturer of hard disk drives, founded in 1979 as "Shugart Technology" by Alan F. Shugart and Finis Conner. That name is on the original patents for the 5.25" hard disk drive. Inc. for $21.5 million in cash pursuant to a previously announced agreement. Of the sale proceeds, $6.5 million will be held in escrow pending completion of certain post-closing obligations involving other agreements, related to the acquisition, under which Applied Magnetics and its subsidiary, Applied Magnetics Korea Ltd. will continue to produce and sell to Seagate certain tape related products and components. Craig D. Crisman, president and chief executive officer, stated, ``This sale provides the company with additional capital resources which will further enhance its ability to focus its efforts and resources on its core disk head business including ferrite fer·rite n. 1. Any of a group of nonmetallic, ceramiclike, usually ferromagnetic compounds of ferric oxide with other oxides, especially such a compound characterized by extremely high electrical resistivity and used in computer memory , thin film and MR products.'' Applied Magnetics, with headquarters in Goleta, is a major independent supplier of magnetic recording heads for disk drive applications for the worldwide data storage segment of the computer industry. CONTACT: Applied Magnetics Corp., Goleta Craig D. Crisman, 805/683-5353 |
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