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Technology Stocks : Newbridge Networks

NN 16.70

-0.4%

Dec 11 3:59 PM EST

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To: blaireo1 who wrote (16472)	1/12/2000 7:59:00 AM
From: Maple Leaf	Read Replies (1) of 18016

Wednesday January 12, 3:58 am Eastern Time Siemens buys Newbridge stake in Israel's Seabridge TEL AVIV, Jan 12 (Reuters) - Siemens AG said on Wednesday it has acquired full control of Israel's Seabridge, buying out the 49.9 percent stake held by Newbridge Networks Corp (Toronto:NNC.TO - news) (NYSE:NN - news) of Canada. A spokeswoman for the company declined to disclose the amount paid by Siemens. When Siemens and Newbridge acquired Seabridge -- then called Radnet -- in 1997, they paid $130 million for the company. Seabridge makes access switches for asynchronous transfer mode (ATM) networks. Siemens said Seabridge will become the German company's centre for access switches. As a result, Seabridge is seeking to add 80 employees to its workforce of 200. Among Seabridge's major projects were the setting up of a telecommunications network for the Olympics in Sydney and setting up a telecoms network for 100 branches of a German bank.

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