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EU Clears Flextronics' Acquisition Of Some Nortel Assets
Published on:
BRUSSELS -(Dow Jones)- The European Union Commission Friday approved the acquisition of electronic manufacturing operations of Canada's Nortel Networks Corp. (NT) by a unit of Singapore electronics manufacturer Flextronics International Ltd. (FLEX).
The purchase price was not disclosed but Flextronics estimates that the manufacturing facilities and inventory from Nortel Networks could add $2 billion to annual revenue.
The transaction includes Nortel's optical design operations in Ottawa and Montreal, Canada, and Monkston, Northern Ireland.
Flextronics has operations in 29 countries and employs 95,000. In fiscal year 2004 its revenues were $14.5 billion.
Flextronics' expertise is in industrial and mechanical design, test development and compliance and regulatory test engineering.
Nortel Networks designs, develops, manufactures, assembles and distributes network solutions. It operates worldwide.
-By Diana Reinhart, Dow Jones Newswires; djnews.brussels@dowjones.com, 322-285-0131
(END) Dow Jones Newswires "
Tags: [european union] [nortel networks] [flextronics] [flextronics international] [ottawa]
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