Business
Iomega to buy Syquest
Iomega is to buy the substantial part Syquest's assets, it was revealed Wednesday.
Drive manufacturer Iomega confirmed it will purchase the intellectual property, inventory and fixed assets in the US of rival Syquest for $9.5m (£5.7m). Syquest filed for bankruptcy in November.
Syquest Malaysia's assets are being offered for sale separately and Iomega intends to make an offer. As part of the agreement, the litigation pending between the two companies over patent and trademark infringement will be suspended.
Commenting on the deal president of Iomega, Jodie K. Glore said: "We believe this asset purchase will be a worthwhile investment and will enhance our future products."