Those who opted out-there were more than 3,000-would be given early retirement packages and 3M's gratitude. Those "Imation designees" who agreed to the transfer would retain their 3M salaries and be relocated to a former 3M office complex in Oakdale, a suburb of St. Thus, as 1995 drew to a close, 12,700 of 3M's 70,000 employees received a letter informing them of their reassignment to the new company. 3M management decided a spinoff would not only remove the drag on its own balance sheet but might give its flagging businesses the capital and operational independence they needed to grow their way out of their earnings funk. Little mystery surrounded the reasons for the $2.3 billion divestiture: since January 1994, 3M's data storage and imaging operations had been posting stagnant revenue growth year after year.
In the closing months of 1995, Minnesota's 3M Corporation, one of the bluest of America's blue-chip companies, announced that five of its businesses would be spun off the following year to form a new data storage and medical imaging company named Imation Corporation (from the words imaging, information, and imagination). Imation's vision is to deliver unsurpassed value to our customers, shareholders, employees and communities throughout the world.
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