American Magnetics Now the Damon Group
- Share via
American Magnetics Corp. said its stockholders approved changing the company’s name to Damon Group Inc., effective April 5.
Last year, a partnership controlled by American Magnetics and including top company executives bought Massachusetts-based Damon Corp., a medical testing company, for about $317 million. After the acquisition, 80% of the company’s sales were from Damon, which was counted as a subsidiary of American Magnetics even though American Magnetics does not own a majority of the stock in Damon Corp.
“Damon’s medical services business is now our principal business segment,” said Robert L. Rosen, chief executive of the parent company, in a statement. “It makes sense to change our name to reflect that emphasis.”
The stock symbol for Damon Group, whose shares trade over the counter, is DMNG.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
