John Chambers, CEO of Cisco Systems, exercised options on 2 million shares of Cisco stock at $3.45 and sold them on 13-Nov-03 at an average price of $22.59. The transaction netted him over $38 million. http://www.cisco....
Thursday, November 13, 2003
Tellabs Outsources International Manufacturing
Thursday, November 13, 2003
Financial
Tellabs will outsource the manufacturing of its international products and transfer ownership of its Espoo, Finland, manufacturing operations to Elcoteq Network Corporation. The company also announced plans to trim its international R&D spending. Approximately 300 employees will be affected by the outsourcing and the R&D alignment. Tellabs said it will continue to focus on enhancing its IP/MPLS and next-generation SDH data capabilities. http://www.tellabs....
Zhone Announces Staff Reduction Following Merger
Thursday, November 13, 2003
Financial
Following the completion of its merger with Tellium, Zhone Technologies began trading on NASDAQ under the symbol ZHNE. In addition the company announced a headcount reduction of approximately 125 people affecting predominantly Oceanport, New Jersey based personnel (Tellium). The remaining Oceanport staff will continue current engineering efforts including development and support of the metro optical products. http://www.zhone....
Carrier Access to Acquire Paragon Networks
Thursday, November 13, 2003
Start-ups
Carrier Access Corporation agreed to acquire Paragon Networks, a start-up developing wireless transport systems. Financial terms were not disclosed. Designed specifically for wireless service providers (WSP), Paragon Networks' suite of backhaul solutions enable the rapid deployment of voice and data services and provide a migration path to 3G. Paragon's products focus on end-to-end cell site access and hub site aggregation, providing port capacities from DS-0 through OC-3 and a full range of functionality including SONET / SDH Add-Drop Multiplexing,...
Qwest Acquires Assets from Touch America and 360networks
Thursday, November 13, 2003
Financial
Qwest Communications will acquire network assets from Touch America and 360networks, enabling it to expand its national data network. Qwest recently won the right to offer long- distance data services to enterprise customers within its 14-state territory. Qwest said the assets from Touch America would allow it to support hundreds of Frame Relay and ATM customers. The assets from 360networks include fiber routes from Seattle to Billings, Montana.; from Billings, Montana to Denver; from Denver to Colorado Springs, Colorado.; and from Billings,...
Hanaro Telecom Reports First Profit, Subscriber Growth Stalls
Thursday, November 13, 2003
Last Mile
Hanaro Telecom, one of Korea's largest broadband Internet access and local call service providers, reported its first quarterly profit and said that had overcome an immediate cash requirement issue by securing significant foreign investment. Hanaro will issue US$500 million in common shares to a consortium led by Newbridge Capital and American International Group, which will hold approximately 40% stake in Hanaro. Additionally, the consortium is also raising $600 million via a syndicated loan for the Company to assist in debt service. For the...
