ADC Sells Cable Assets to C-COR.net
MINNEAPOLIS, July 11 -- ADC Telecommunications Inc. has sold some of its cable assets to C-COR.net, a broadband services provider, for about $32 million in cash, in its continuing effort to focus on core businesses. Under the deal, C-COR.net also will assume certain liabilities, including ADC's ongoing warranty and service obligations for these product lines, Minneapolis-based ADC said. The sale included ADC's Optiworx family of transport products for hybrid fiber/coaxial applications and a line of uncompressed digital video products.
ADC said the sale is expected to close by late August and includes operations in Meriden, Conn.; Buenos Aires, Argentina; and Klagenfurt, Austria. The company plans to use the proceeds from the sale mostly to retire outstanding long-term debt. ADC plans to focus its growth strategy on Internet protocol cable, digital subscriber lines (DSL), optics and software supported by its core businesses in broadband connectivity products and systems integration services.
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