C-Cor.net Will Acquire ADC Assets
C-Cor.net Corp., a State College, Pa., hardware supplier for the cable industry, said it agreed to buy some of the cable assets of ADC Telecommunications Inc. for $32 million. Under the pact, which is expected to close by the end of August, C-Cor.net will acquire ADC operations in Meriden, Conn.; Buenos Aires; and Klagenfurt, Austria. The purchase will transfer 350 ADC employees, mostly from ADC's Meriden plant, to C-Cor.net. The sale will allow ADC, a Minneapolis telecommunications-equipment provider, to reduce debt, which totaled $135 million at the end of the fiscal second quarter. In 4 p.m. Nasdaq Stock Market trading, C-Cor.net was up 47 cents to $11.39 and ADC was down one cent to $6.35 |
