TDK Corporation (TDK株式会社 TDK Kabushiki-gaisha?), formerly TDK Electronics Co., Ltd. is a Japanese multinational electronics company that manufactures electronic materials, electronic components, and recording and data-storage media. Its motto is "Contribute to culture and industry through creativity". TDK was founded in Japan on 7 December 1935 to manufacture iron-based magnetic material ferrite, which had been recently invented by Yogoro Kato and Takeshi Takei. In 1952 they began production of magnetic tapes, with compact cassette tapes following in 1966; it is for these that the company is most widely noted. TDK used to manufacture an extensive portfolio of magnetic and optical media, including several formats of videotape and blank CD-R and recordable DVD discs until it licensed the rights to do so to Imation. Imation also now manufactures USB flash drives under this license. In late 2007, Imation acquired TDK's recording business, including flash media, optical media, magnetic tape, and accessories, for $300 million.