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Technology Stocks : Ericsson overlook?

ERIC 9.500

-1.3%

Nov 18 3:59 PM EST

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To: Jim Oravetz who wrote (3848)	1/18/2000 12:58:00 PM
From: Jim Oravetz	Read Replies (1) of 5390

Emerson to Buy Ericsson Energy In a Deal Valued at $725 Million NEW YORK -- Swedish telecommunications giant Telefon AB L.M. Ericsson confirmed Tuesday that it will sell subsidiary Ericsson Energy Systems to Emerson Electric Co. in a $725 million agreement. The deal is expected to close in the second quarter of 2000. The move reflects Ericsson's strategy to focus on mobile and Internet communications. The deal marks the second major telecom-related acquisition Emerson has disclosed in less than five weeks. Ericsson Energy Systems, Stockholm, makes power supplies and systems that are used in cellular base stations, telecom-switching equipment and other applications. Energy Systems, with about 2,000 employees, has annual sales of about $500 million. Its substantial presence in Europe and Latin America would offer Emerson some big new customers, including Ericsson, Siemens AG of Germany and Telefonica SA of Spain. The Ericsson unit has been recording annual sales growth of 15% on a pro forma basis, according to people familiar with the two companies?snip. === I guess they are really betting that phones are the way to go. Jim

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