Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Newbridge Networks -- Ignore unavailable to you. Want to Upgrade?

To: Glenn McDougall who wrote (13415)	9/23/1999 7:56:00 AM
From: jeff greene	Read Replies (1) \| Respond to of 18016

wsj.com 23, 1999 -------------------------------------------------------------------------------- ITT Industries Set to Announce Accord to Buy Stanford Units By a WALL STREET JOURNAL Staff Reporter WHITE PLAINS, N.Y. -- ITT Industries Inc. expects to announce Thursday that it has signed an agreement to buy the space- and defense-communications business of Stanford Telecommunications Inc. for $191 million. The transaction is subject to completion of the acquisition of Stanford Telecommunications, Sunnyvale, Calif., by Newbridge Networks Corp., Kanata, Ontario. The space- and defense-communications business, which had 1998 sales of $121 million and is expected to post a 17% sales increase this year, makes and markets advanced digital communications products and systems primarily for government customers. The business would be included in ITT Industries' defense products and services unit, which, before this acquisition, is expected to account for about 32% of ITT's 1999 revenue. The acquisition is expected to be accretive to ITT earnings in its first full year of operation, a spokesman said. "This acquisition is an excellent complement to ITT Industries' existing space and communications businesses, and further extends our ability to capitalize on the growing communications and satellite markets," Travis Engen, chairman and chief executive of ITT Industries, said in a statement. This proposed purchase marks ITT Industries' sixth acquisition this year as it moves to transform itself after selling most of its automotive operations in 1998. Last year, ITT Industries, which makes pumps, electronics and military equipment, had sales of $4.5 billion. In New York Stock Exchange composite trading Wednesday, ITT Industries rose 75 cents to $34.