AP News

Iron Mountain buys 3 records management businesses


BOSTON (AP) — Information storage and management company Iron Mountain has purchased three records management businesses owned by Information Storage Consolidation Co., adding mid-sized companies to its customer base.

Financial terms were not disclosed.

The businesses included in the deal are Safe Records Center in Lansing, Mich., Archives USA in Dallas and The Document Bank in Miramar, Fla. This will be Iron Mountain Inc.'s first foray into Lansing. The transaction strengthens its presence in Dallas and across southeast Florida.

"Acquiring companies in mature markets allows us to add customers, support attractive returns and deliver value to our investors," Harold Ebbighausen, president of Iron Mountain, North America, said in a statement.

Earlier this month Iron Mountain reported that its first-quarter net income fell 65 percent as it absorbed the costs of converting itself into a real estate investment trust. The Boston company's adjusted results met Wall Street's expectations.

Shares of Iron Mountain shed 1 cent to $39.34 in morning trading.


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