By Shannon Fiecke, Shakopee Valley News
“Tyco Electronics (NYSE: TEL), which recently acquired Eden Prairie-based ADC Telecommunications , plans to shut down most of its manufacturing in Shakopee as part of a nationwide restructuring.
The company announced yesterday to employees that about 248 would lose their jobs at the Shakopee site, more than a third of the work force here. General manufacturing operations will be moved from Shakopee to plants in Juarez, Mexico and Santa Teresa, N.M. Both were former ADC sites.”
Via News Release
“ADC Foundation announced today that it will make a round of strategic grants totaling $3.75 million to five community partners in the Twin Cities and Juarez, Mexico. Each grant will be $750,000. The Foundation’s grants will be used to promote transformative change in engineering education programs and effective use of computing and communications technologies to better serve disadvantaged populations.
ADC Telecommunications, Inc., parent company of the ADC Foundation, was recently purchased by Tyco Electronics Ltd. (NYSE: TEL). As part of the acquisition-related merger process, the ADC Foundation will make this final round of grants to five key organizations the ADC Foundation has partnered with in the past: Community Technology Empowerment Project, Fondo Unido de Chihuahua (Juarez, Mexico), MAP for Nonprofits, Minnesota High Tech Foundation and U of M College of Science and Engineering.”
Via News Release
“Tyco Electronics Ltd. (NYSE: TEL) today announced the completion of the acquisition of ADC Telecommunications, Inc. (Nasdaq: ADCT). The combination of Tyco Electronics (TE) and ADC positions the company as a world leader in broadband connectivity.
Tom Lynch, Chief Executive Officer of TE, said, “With our expanded product offering and strong position in every major geographic region, TE will provide the broad range of products and solutions our customers need to keep pace with the rapidly increasing demand for video and data connectivity anytime and anywhere.”
Swiss-based Tyco Electronics agreed to buy ADC for approximately $1.25B cash in early July, paying a 44% premium of the Eden Prairie company’s market value.
Both Tyco and ADC manufacture and supply telecommunications equipment for global telecom carriers and enterprises. The parties’ activities overlap with regard to (i) passive equipment and accessories for carrier networks and (ii) structured cabling and hardware for enterprise networks.
While there was initial speculation of 1,000 jobs to be lost amidst the “high tech vacuum”, ADC CEO Bob Switz fired back:
“ADC and Tyco Electronics, have made no decisions about our future operations here in Minnesota and around the world. To publish what essentially is a postmortem on ADC just two days after the announced acquisition is at best premature and at worst irresponsible…Furthermore, the planned combination of the two global companies’ innovations and talent is a tribute in part to what a great technology hub this community remains…The final chapter of the ADC story has yet to be told.”
Via News Release
“ADC (NASDAQ: ADCT), a leading supplier of infrastructure solutions for fiber deployments, announced today that Halstad Telephone Company (HTC), a three-time winner of stimulus funding awards provided by the American Recovery and Reinvestment Act of 2009, has selected ADC’s fiber connectivity and management solutions for its FTTP network. The network deployment, which began early this year and is expected to be completed mid-2011, includes residences and businesses in Hillsboro, N.D., and six exchanges in and around Halstad, Minnesota.”
Via News Release
“ADC (NASDAQ: ADCT) today announced that its distributed antenna systems (DAS) solutions are supporting new LTE network rollouts by Verizon Wireless. Already, more than 100 InterReach and FlexWave™ systems have been deployed in major stadiums, urban core areas, and other locations such as the New Meadowlands Stadium and Denver International Airport, where Verizon is rolling out LTE services. ADC is a preferred provider of 700 MHz single-input single-output (SISO) and multiple-input multiple-output (MIMO) solutions for Verizon, and its systems are forming a critical part of LTE service rollouts across the United States.”
By Jim Hammerand, Minneapolis-St.Paul Business Journal
“The first federal lawsuit challenging the $1.25 billion sale of ADC Telecommunications Inc. to Tyco Electronics Ltd. has been filed.
The suit was filed against Eden Prairie-based ADC (Nasdaq: ADCT), its board of directors and Tyco Electronics (NYSE: TEL) in St. Paul’s U.S. District Court Wednesday afternoon by Iowa shareholder E. Joyce Emmons. It seeks class action certification for shareholders.”
By Robert E. Switz, via Star Tribune
“On behalf of ADC Telecommunications and its more than 1,000 employees in Eden Prairie and Shakopee, I am writing to express my disappointment in the Star Tribune’s July 15 story “ADC sale leaves high-tech vacuum in Minnesota, with few able to fill it.”
By Steve Alexander, Star Tribune
“ADC Telecommunications Inc. may be the last member of a bygone era when the Twin Cities was one of the nation’s top technology centers.
Whether the state can nurture the rise of software firms to take its place and keep Minnesota on the tech map after the $1.25 billion sale of ADC becomes final remains to be seen.”
Via NYT Dealbook
“Tyco Electronics said on Tuesday that it has agreed to buy ADC Telecommunications, a broadband equipment maker, for about $1.25 billion in cash, the latest in a spate of deals over the past two days.
Under the terms of the deal, Tyco will pay $12.75 per ADC share, a 44 percent premium to ADC’s Monday closing stock price of $8.85.”
Via ADC news release,
” ADC today announced the successful deployment of a portfolio of cell site, high-capacity services from ADC Professional Services (APS) that helps wireless service providers upgrade their backhaul networks to meet customers’ ever-increasing demand for more bandwidth. In 2010, APS has deployed these services in more than 1,100 cell sites for one of the largest wireless operators in the United States.
As 3G and 4G services proliferate, mobile network operators are looking for ways to boost the capacity of their backhaul networks to support advanced broadband applications such as video-on-demand (VOD) and mobile TV. ADC offers operator-specific solutions and implementation as well as complete turnkey solutions that help service providers fully prepare their cell sites to support the high-speed bandwidth needed for 4G services such as LTE.”
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