Glenayre and Solectron Agree to Terminate Negotiations On Illinois Facility Sale
CHARLOTTE, N.C., Aug. 11 /PRNewswire/ -- Glenayre Technologies Inc. (Nasdaq: GEMS - news) announced today that negotiations with Solectron (NYSE: SLR - news) related to Solectron's acquisition of Glenayre's Quincy, Illinois, facility have been terminated. Earlier this year, the companies announced that they had signed a letter of intent for Solectron to acquire Glenayre's Illinois radio frequency design and manufacturing assets, and assume the location's manufacturing responsibilities for Glenayre.
Glenayre president and chief executive officer, Eric Doggett, stated, ``After extensive study and negotiations, we have determined that the proposed agreement was not a good fit. Glenayre will continue, however, discussing other possible areas of collaboration with Solectron and other outsourcing suppliers.'
For over 30 years, Glenayre Technologies Inc. has been developing and providing leading edge personal telecommunication systems, including products for paging, digital, mobile and fixed networks. With approximately 2,000 employees, Glenayre has products installed in over 100 countries. Additional information about Glenayre is available on the company's Web site at: glenayre.com .
SOURCE: Glenayre Technologies Inc. |
