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Iomega sells manufacturing subsidiary to Venture Corp.

Posted: 03 Oct 2002 ?? ?Print Version ?Bookmark and Share

Keywords:storage solutions? zip drives? pcb?

Iomega Corp., a provider of digital management and storage solutions, has agreed to sell its manufacturing subsidiary in Penang, Malaysia to Venture Corp. Ltd. The transaction is expected to be finalized this Q4.

Upon the closing of the acquisition, Iomega will enter into a five-year manufacturing services agreement with Venture and Iomega's former Malaysian subsidiary for the manufacture and supply of Zip drives and certain other products. Venture will manufacture these drives and other products for Iomega with the Penang operations and employee workforce. Iomega believes this will facilitate a smooth transition of manufacturing operations.

Singapore-based Venture is a provider of electronics manufacturing services, original design manufacturing services, and distribution services to electronics companies worldwide. This transaction is expected to expand and extend the PCB assembly sourcing relationship that has existed between these companies for several years.

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