Zarlink Semiconductor announced a write-off of its investment in privately-held Mitel Networks to a nil value. Zarlink said it believes that the investment's carrying value will "not be realized in the foreseeable future." Zarlink will make a non-cash write-down of US$11.5 million, or US$0.09 per share, in its fourth quarter and annual results for the year ended 28-March-2003. This investment is Zarlink's residual interest in Mitel from the sale of its Communications Systems business in February 2001.
http://www.zarlink.com
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- Zarlink holds a 10% equity interest in Mitel Networks, which is headquartered in Ottawa, Canada.
