ADC has announced it’s completed acquisition of the KRONE Group, a leading global supplier of copper- and fibre-based connectivity solutions, cabling products and services used in public access and enterprise networks by many of the world’s leading organisations.
“Acquiring KRONE is strategic for ADC as we renew our focus on our core business and expand our global scale. This acquisition makes ADC the leading global network infrastructure company providing comprehensive product and service solutions for communications service providers and enterprise networks,” said Robert E. Switz, president and CEO for ADC. “From the time we announced the acquisition on March 25, 2004, the employees of both companies have been actively planning the successful integration of ADC and KRONE. Now that the closing is complete, we can hit the ground running with the finest talent and expertise in the delivery of global network infrastructure products and services to our customers.”
The acquisition is valued at approximately $350 million. ADC expects to take a charge for various acquisition-related expenses the amount of which has not been determined at this time. Excluding the charge and amortisation of acquisition-related intangibles, ADC expects the acquisition to be accretive to earnings per share in 2004. ADC will file a Form 8-K with the SEC within 75 days of the closing that will contain more details of the KRONE acquisition, including audited historical financial statements of the KRONE business and pro forma historical financial statements of ADC that include the KRONE business.
With more than 2000 employees, eight factories and five research and development centres around the world, KRONE has representation in more than 140 countries to supply communications service providers and enterprises.
KRONE is a world leading cable and connectivity group with 75 years of experience in the design, development and supply of copper and fibre optic cable and connectivity solutions for enterprise and public networks. Information on KRONE’s Australian operations is available at www.krone.com.au.
ADC is a world leader in providing global network infrastructure products, services and software that enable the profitable delivery of high-speed Internet, data, video, and voice services over our customers’ unique networks. ADC (Nasdaq:ADCT) has sales into more than 90 countries. Learn more about ADC Telecommunications, Inc. at www.adc.com.
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