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GlassBridge Enterprises

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GlassBridge Enterprises, Inc.
FormerlyImation Corporation
(1996–2017)
Company typePublic
  • OTC Pink Current: GLAE (2017–present)
  • NYSE:GLA (2017)
  • NYSE: IMN (prior to 2017)
IndustryInvestment
FoundedMarch 1996; 28 years ago (1996-03) in Maplewood, Minnesota, U.S.[1]
Founder3M (as a spin-off)
Headquarters
New York City
,
U.S.
Key people
Danny Zheng
(CFO and Interim CEO)
Joseph De Perio
(Non-Executive Chairman)
Tavis Morello
(General Counsel)
RevenueDecrease $1.460 billion (2010)[2]
Number of employees
1,210 (2009)[2]
SubsidiariesGlassBridge Asset Management
Websiteglassbridge.com
Imation logo

GlassBridge Enterprises, Inc., formerly Imation Corporation, is an American holding company. Through its subsidiary, Glassbridge focuses primarily on investment and asset management.

The company was founded in 1996 under its original name of Imation as a spin-off of 3M's data storage and imaging business. Prior to the name change, Imation had three core elements: traditional storage (magnetic tape and optical products), secure and scalable storage (data backup, data archive and data security for small and medium businesses) and what the company calls "audio and video information" products.[3]

In January 2017, the company announced a change of name and direction, completing its move away from the data storage business towards being focused on asset management and strategic investment and rebranding itself as Glassbridge Enterprises.[4]

The Imation brand was sold off later that year to O-Jin Corporation Co.,[5] a Korean company who have since licensed its use to other businesses,[6] but retain ownership of it as of 2024.[7]

History

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As Imation

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Imation was started in 1996, when 3M spun off its data storage and imaging business.[8] The company underwent a divestment of non-core businesses, and invested in four core product technology areas: secure storage, scalable storage, wireless/connectivity, and magnetic tape.[9] As part of 3M, the company was involved in the development of many technological improvements in data storage, such as the introduction of the first American-made magnetic tape in 1947,[10] the first quarter-inch tape cartridge for data storage (QIC) in 1971, and the 3.5-inch (89 mm) floppy disk in 1984.

In late 2007, Imation acquired TDK's recording media business, including flash media, optical media, magnetic tape, and accessories, for $300 million.[11][12] This also included a license to use the "TDK Life on Record" brand on data storage and audio products[13] for 25 years.[11] In September 2015, Imation announced that it had agreed to relinquish this license[14] and would cease selling TDK-branded products by the end of the year.[15]

In February 2012, Imation announced a product set to secure mobile data, identities, and workspaces, based on the idea that employees used portable storage devices to transport corporate data.[16]

The security news followed five acquisitions the company made in 2011 in scalable storage and data security: ENCRYPTX;[17] MXI Security from Memory Experts International; the assets of ProStor; the secure data storage hardware business of IronKey; and intellectual property from Nine Technologies. Imation received an exclusive license from IronKey for its secure storage management software and service and a license to use the IronKey brand for secure storage products.[18]

In October 2011, Imation products for small and medium businesses centered on its DataGuard and InfiniVault multi-tier data protection and data archive appliances.[citation needed]

The company sold consumer electronics, headphones and accessories under the Imation, Memorex, TDK Life on Record, and XtremeMac brands. The combined Imation, Memorex and TDK Life on Record brands made the company into a global market share leader in sales of CD-R and DVD media[19][20][21] before that business was shut down in 2016.[22]

Change of name and direction

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In January 2017, Imation announced its intention to change its name to Glassbridge Enterprises, completing its change of direction away from the data storage business towards being an asset management and strategic investment company. [4] The name change became effective on February 21, 2017.[23]

Net revenue for 2016 was $44.1 million, compared to $529.2 million the year before.[24]

Sale of Imation brand

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Glassbridge Enterprises sold the Imation brand name to Korean company O-Jin Corporation Co., Ltd. (now Ojin Corporation Co.) on August 4, 2017.[5]

In 2019 Imation, by then under O-Jin's ownership, announced licensing deals for use of the brand by PNY Technology, Ritek Corporation and photo printer company Prinics.[6]

As of July 2024 O-Jin still owns the Imation brand.[7]

See also

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References

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  1. ^ "10-K Annual Report, 12/31/1996". Securities and Exchange Commission. Retrieved November 7, 2010.
  2. ^ a b "10-K Annual report". corporate-ir.net. February 26, 2010. Archived from the original on March 11, 2012. Retrieved September 9, 2010.
  3. ^ "Imation Reports Quarter 2012 Financial Results". April 12, 2012.
  4. ^ a b "Imation to change name, stay in Minnesota". TwinCities.com. January 12, 2017. Archived from the original on January 13, 2017. Oakdale-based Imation plans to change its name to GlassBridge Enterprises, completing its transition from a maker of portable data storage products, such as compact discs and flash drives, to an asset management and strategic investment company.
  5. ^ a b "GlassBridge Sells IMATION® Trademark to O-Jin Corporation" (Press release). Oakdale, MN, USA. PRNewswire. December 1, 2017. Retrieved April 21, 2018.
  6. ^ a b "Imation global license announcement". imation. November 13, 2019. Retrieved August 8, 2023.
  7. ^ a b "Imation Connect Everything [English language main website]". Archived from the original on February 12, 2024. Retrieved July 2, 2024.
  8. ^ Hilsenrath, Jon E. (June 30, 1996). "INVESTING IT;3M's Big Spinoff Has High Hurdles Ahead". The New York Times. ISSN 0362-4331. Retrieved February 27, 2020.
  9. ^ Joseph F. Kovar (March 3, 2011). "Imation Looks To Data Security, Data Leakage Tech With ENCRYPTX Acquisition". CRN.
  10. ^ Warren, Rich (November 20, 1987). "IMPROVED RECORDING TAPE BY 3M WAS BORN IN THE U.S.A." chicagotribune.com. Retrieved February 27, 2020.
  11. ^ a b Austin Modine (April 19, 2007). "Imation buys TDK's recording media biz". The Register. Archived from the original on September 12, 2015. Retrieved December 17, 2015. TDK is to sell its recording media business to Imation for $300m in stock and cash. [..] Under the agreement, Imation will use the TDK brand for present and future recordable magnetic, optical and flash media products worldwide. The right is revokable by TDK after 25 years.
  12. ^ "Imation and TDK Agree to Imation's Acquisition of TDK Brand Recording Media Business for $300 Million in Stock and Cash" Archived 2012-07-10 at archive.today, Press Release, Imation.com, 19 April 2007.
  13. ^ "Imation Corp: Our History". Imation Corporation. Archived from the original on September 10, 2015. Retrieved December 17, 2015. Imation acquired the recording media business of TDK Corporation (2007), with an exclusive license to the TDK Life on Record brand for data storage and audio products.
  14. ^ "Imation Announces Steps to Accelerate Strategic Transformation" (Press release). Imation via Reuters. September 28, 2015. Archived from the original on December 17, 2015. As part of its efforts to become a pure-play data storage and security company, Imation reached a definitive agreement with TDK under which [..] Imation's license rights to the TDK Life on Record trademark will terminate
  15. ^ "TDK Life on Record". Archived from the original on December 11, 2015. Retrieved December 17, 2015. Effective December 31, 2015, Imation Corp. will no longer be selling products licensed under the TDK Life on Record brand..
  16. ^ Neil J. Rubenking (February 14, 2012). "Imation Unifies IronKey, MXI, and ENCRYPTX Technologies". PC Magazine Online.
  17. ^ Ed Stych (December 20, 2011). "Imation makes another tech purchase, adds ex-CEO to company". Minneapolis St. Paul Business Journal.
  18. ^ "Imation buys IronKey's secure data storage hardware business". Minneapolis St. Paul Business Journal. December 20, 2011.
  19. ^ "CD Tracker: Trends for CD-R/RW Writer and Media Markets". Santa Clara Consulting Group. 2011. Retrieved February 1, 2012.
  20. ^ "DVD Tracker: Trends for DVD Recorder and Media Markets". Santa Clara Consulting Group. 2011. Retrieved February 1, 2012.
  21. ^ "Back-Up Tape Tracker: Q.4-2011 Global Review". Santa Clara Consulting Group. 2011. Retrieved February 1, 2012.
  22. ^ "Imation Reports Second Quarter 2016 Financial Results - Aug 8, 2016". Archived from the original on March 1, 2017. Retrieved March 1, 2017. Discontinued operations include [..] the legacy Storage Media and Accessories businesses which Imation closed down.
  23. ^ "GlassBridge Enterprises, Inc. Announces Effectiveness of Name Change and Reverse Stock Split - Feb 21, 2017". Archived from the original on March 2, 2017. Retrieved March 2, 2017.
  24. ^ "GlassBridge Annual Report". Glassbridge. 2017.
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