DRS Technologies Completes the Sale of Magnetic Head Business Units.Business/Technology Editors PARSIPPANY, N.J.--(BUSINESS WIRE)--Sept. 12, 2000 DRS Technologies, Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. : DRS DRS Drives (street suffix) DRS Dispute Resolution Service DRS Doctorandus DRS Department of Rehabilitative Services DRS Direct Registration System (securities) DRS Department of Rehabilitation Services ) announced today that it has completed the sale of its magnetic tape head business to Michigan Magnetics, Inc., a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. located in Vermontville, Michigan. Terms of the sale were not disclosed. The transaction follows the company's announcement on May 18, 2000 that it had entered into a definitive agreement for the sale of its business units located in St. Croix Falls, Wisconsin St. Croix Falls is a city in Polk County, Wisconsin, USA. The population was 2,033 at the 2000 census. The city is located within the Town of St. Croix Falls. U.S. Highway 8, Wisconsin Highway 35, and Wisconsin Highway 87 are three of the main arterial routes in the city. , and Razlog, Bulgaria. DRS retains its magnetic head operation in San Jose, California San Jose (IPA: /ˌsænhoʊˈzeɪ/) is the third-largest city in California, and the tenth-largest in the United States. It is the county seat of Santa Clara County. . The St. Croix Falls and Bulgarian operations produce primarily magnetic data and tape recording heads for transaction products that read and write data from magnetic cards, tapes and ink. The operating results of these business units were reported as discontinued operations in the company's fiscal 2000 consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge . No gain or loss from the sale of this business will be realized in the current fiscal year. Mark S. Newman, chairman, president and chief executive officer of DRS Technologies, said, "The sale of our St. Croix Falls and Bulgarian operations was a strategic decision to concentrate our resources on our core businesses. We believe that these units and their respective customers will benefit from the transfer to Michigan Magnetics, a leader in the commercial magnetic tape head industry." Michigan Magnetics has designed and produced magnetic heads for over 35 years. At the forefront of magnetic tape, card and other high/low coercivity On magnetic media, the amount of electrical energy required to change the polarization of a bit. The coercivity of hard disks ranges from 500 to 2,000 Oersted. On magneto-optic media, it takes between 5,000 to 10,000 Oersted. See Oersted. applications, it has combined experience-based product development with quality control manufacturing to become a leading industry source of magnetic head technology and production. DRS Technologies provides leading edge products and services to government and commercial customers worldwide. Focused on defense electronics, the company develops and manufactures a broad range of mission critical products, from rugged computers and peripherals to systems and components in the areas of communications, data storage, digital imaging, electro-optics, flight safety and space. Additional information is available on the company's web site at www.drs.com. |
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