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Technology Stocks : MRV Communications (MRVC) opinions?
MRVC 9.975-0.1%Aug 15 5:00 PM EST
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To: Michael H. Dragon who wrote (6780)1/20/1998 11:19:00 AM
From: Michael Kahn  Read Replies (3) of 42804
 
> it doesn't appear as if Xyplex is making any money

I would bet that they're not. I used to work at Xyplex - let me give
you a little history of what happened there. Xyplex was at one time
an independent company. In 1994(?) Raytheon (a defense co) decided
that they wanted to get into the communications business, so they
approached Xyplex and offered to buy them. Everything appeared
peachy. Xyplex got a blank check from Raytheon and they could do
whatever they wanted - one of those things was to grow. They wanted
to grow through acquisition - but Raytheon being a stodgy old defense
company wasn't nimble enough to make the necessary acquisitions. Late
in 1995 the Raytheon-Xyplex relationship started to sour and Raytheon
decided to sell Xyplex. Early in '96 Whittaker (who had a year before
bought Hughes LAN Systems) stepped in and bought Xyplex from Raytheon.
They merged Xyplex and Whittaker Communications (Hughes LAN) together
to form the new company called Whittaker Xyplex. Things got kind of
messy at this point - the focus of the company shifted from the West
coast to the East coast and more recently the company was branded
Xyplex Networks. During 1996, there was a mass exodus of engineering
talent from the company - I left in July - and I think things have
been downhill ever since. I realize my tone here is somewhat bitter.
This may be sour grapes. Take it for what its worth. Just realize
that Whittaker paid something like 130 mil for Xyplex, and MRVC just
paid 35 mil.
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