Is anyone familiar with this deal? How big is it for LU? It's usually good for the stock price when a company trims it's work force.
Fez
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Saturday December 25, 8:00 am Eastern Time
Company Press Release
SOURCE: Volt Information Sciences, Inc.
Volt Information Sciences Completes Purchase of Two Divisions of Lucent Technologies Subsidiaries
NEW YORK, Dec. 25 /PRNewswire/ -- Volt Information Sciences, Inc. (NYSE: VOL - news) announced today that it has completed the previously-announced purchase of the Wired Services and Professional Staffing divisions of two Lucent Technologies (NYSE: LU - news) subsidiaries. The Wired Services division installs cable, wire and small telecommunications systems for businesses, and the Professional Staffing division provides technical, management and administrative personnel for temporary assignments. The two divisions presently employ 970 employees. Financial terms of the transaction were not disclosed.
The two divisions being acquired were part of Lucent Technologies Technical Services Company and Lucent Technologies Services Company, subsidiaries originally formed to provide Lucent with short-term staffing for government communications contracts. Over time these subsidiaries evolved to provide telecommunication services and temporary staffing to commercial customers as well.
Lucent Technologies, headquartered in Murray Hill, N.J., designs, builds and delivers a wide range of public and private networks, communications systems and software, data networking systems, business telephone systems and microelectronic components. Bell Labs is the research and development arm for the company. For more information on Lucent Technologies, visit the company's Internet web site at http://www. Lucent.com.
Volt Information Sciences, Inc. is a leading national provider of Staffing Services, Telecommunications and Information Solutions, and Electronic Publication and Typesetting Systems for its Fortune 100 customer base. Operating through a network of over 300 branch offices, the Staffing Services segment fulfills IT and other technical, commercial and industrial placement requirements of its customers, on both a temporary and permanent basis. Telecommunications and Information Solutions provides complete telephone directory production, printing and publishing; a full spectrum of telecommunications construction, installation and engineering services; and information and operator services systems for telephone companies. Electronic Publication and Typesetting Systems provides digital prepress publishing solutions for its high circulation customers, primarily newspapers. For additional information, please visit the Volt Information Sciences, Inc. web site at volt.com. |
