ADC sells off wireless and access divisions
The sale comes on the heels of the sale of ADC's Broadband Communications Division to C-Cor.net for $32m, a deal that is expected to close this month.
The units affected in the latest deal include ATM access concentrators and multiplexers, service delivery units (ServicePoint), and data service units/channel service units (DataSmart/FrameVision), as well as broadband wireless access systems (Axity) and broadcast television transmission systems. Approximately 350 employees will be affected by the sale, which also includes facilities in Portland, Ore, and McMurray, Pa.
Though terms of the agreement were not made public, the transaction is expected to close at the end of August, with the proceeds going to shore up ADC's financial position.
That position has come under scrutiny of late, culminating with the recent announcement of third-quarter pro forma losses by the company of $0.05 per share, which is the low end of its previously- stated guidance for the quarter ending July 31, 2001.
As a result of those losses, the company has vocalised an overall mission to reduce its operating expenses by an additional $50m per quarter ($200m annualised) through actions to be implemented beginning in its fiscal fourth quarter (which ends Oct 31) Hence the sale of the two divisions to Platinum. The company plans additional spending cuts, workforce reductions and the consolidation or closure of certain facilities. All told, the company expects to reduce its annual operating expenses by up to $450m.
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