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Let A be an m-by-n matrix with m=m1m2 and n=n1n2. We consider the problem of finding (mathematical formula omitted) so that (mathematical formula omitted) is minimized. This problem can be solved by computing the largest singular value and associated singular vectors of a permuted version of A. If A is symmetric, definite, non-negative, or banded, then the minimizing B and C are similarly structured. The idea of using Kronecker product preconditioners is briefly discussed.