Imation, the $2.3 billion data storage company, began operations as an independent company last week. The company kicked off with a $4.9 million European ad campaign to press home its new branding.
The 3M spin-off has cut staff 20 per cent to 10,000 employees over the past six months and is consolidating its manufacturing sites to reduce costs by $150 million. 3M cast off the division after net income fell over a three-year period from $75 million to $4.4 million in 1995.
Imation aims to improve economic profit by $150 million by the end of 1998 and increase annual earnings per share at least 15 per cent.
Lance Quantrill, marketing manager at Imation, said: 'The feeling from distributors was good as they felt comforted by dealing with the same team as under 3M.
'We have changed the way we're addressing the market to be solutions-led.'
Frank Hill, formerly business manager for data storage, was promoted last month to EMEA manager for data storage products. Barry Edmonds has taken over from Hill to look after the UK and Ireland.
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