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To: David Alan Cook who wrote (6063)	2/15/1998 12:30:00 AM
From: Chris	Read Replies (1) \| Respond to of 42787

thxs for the emails/updates DC.. MLT is sure a beauty <Picture: Reuters> <Picture: [1998 Grammys]> [ Business \| US Market \| Industry \| IPO \| S&P \| International \| PRNews \| BizWire \| Finance Home ] ------------------------------------------------------------------------ Friday February 13, 3:52 am Eastern Time Canada's Mitel buys GEC unit Plessey LONDON, Feb 13 (Reuters) - Telecommunications equipment firm Mitel Corp [NYSE:MLT - news] said on Friday that it has bought Plessey Semiconductors Ltd, from General Electric Co [NYSE:GE - news] Plc for $225 million in cash. ''The acquisition of Plessey is consistent with our goal to increase shareholder value through organic growth and acquisitions,'' said Dr. John B. Millard, Mitel's president and chief executive officer. Mitel said the combined semiconductor business will put it among the top ten networking and telecommunications firms in the world and will result in significant economies of scale for the combined operation. Mitel, which is financing the deal from $310 million of senior secured facilities consisting of a revolving credit facility and term loans with maturities of up to six years, expects the acquisition to dilute earnings in the short term. ''Plessey gives us an immediate expansion of design and manufacturing capacity, additional expertise in the areas of radio frequency (RF) and mixed signal design and system level integration, as well as product lines that are complementary to our core business,'' said Francois Cordeau, vice president and general manager of Mitel Semiconductor. Plessey Semiconductors is based in Swindon, southern England and has annual sales of about $275 million. ------------------------------------------------------------------------ More Quotes and News: General Electric Co (NYSE:GE - news)Mitel Corp (Toronto:MLT.TO - news; NYSE:MLT - news) Related News Categories: US Market News, international ------------------------------------------------------------------------ Help ------------------------------------------------------------------------ Copyright c 1998 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon See our Important Disclaimers and Legal Information. Questions or Comments?