|
|
To Subscribe For Free: Click
Here
============================================
SOUTHEAST TECH WIRE -- Aug. 28, 2002
============================================
To Subscribe For Free: http://www.southeasttechwire.com
o RTP-based Hatteras Networks Raises $45 Million of Venture Capital
o Nortel Lowers Third Quarter Outlook; Plans 7,000 More Job Cuts
o Jabil To Pay $235 Million for Philips' Manufacturing Operations
o Alcatel Plans to Sell Raleigh R&D Facility, Move to Smaller Space
o BellSouth Racial Case To Remain With African-American Judge
o Briefly Noted: Uniroyal Technology Corp., Nortel Networks - Safeway,
SpectraSite Holdings Inc., Targacept Inc., Visual Data Corp.
_____________________________________________
o RTP-based Hatteras Networks Raises $45 Million of Venture Capital
Research Triangle Park, N.C. -- In an unusually large round of venture
capital, given the current investment climate, RTP-based Hatteras
Networks, a developer of Ethernet technology for fiber-optic and copper
lines, has raised $45 million. The investment was led by Grotech Capital
Group and included Bessemer Venture Partners, Columbia Capital and
ComVentures. Hatteras is developing a technology platform that allows
carriers to offer Ethernet data services on their existing networks
without trenching new fiber. The company has raised more than $73 million
to date.
http://www.newsalert.com/bin/story?StoryId=CpwXkWbWbtLLxmdi0&FQ
_____________________________________________
o Nortel Lowers Third Quarter Outlook; Plans 7,000 More Job Cuts
Research Triangle Park, N.C. -- With demand for its telecommunications
equipment weaker than expected, Nortel Networks, one of RTP's largest
technology employers, said on Tuesday night that it will reduce its
workforce by 7,000. After the cuts, Nortel will have a total of about
35,000 employees, down from about 95,000 in December 2000. Decreased
spending by U.S. phone companies forced Nortel on Tuesday to lower its
third-quarter revenue outlook. "We now expect revenues from continuing
operations in the third quarter of 2002 to be lower than second quarter
2002 revenues by up to approximately 10%, compared to our previous view of
'essentially flat'," said Frank Dunn, CEO of Nortel. Shares in Nortel fell
$0.20 to $1.03 -- a loss of 17% -- as of mid-afternoon on Wednesday.
http://biz.yahoo.com/rb/020827/telecoms_nortel_outlook_7.html
_____________________________________________
o Jabil To Pay $235 Million for Philips' Manufacturing Operations
St. Petersburg, Fla. -- In a deal to acquire nine manufacturing facilities
that employ about 5,000 people on three continents, St. Petersburg-based
Jabil Circuit Inc., a provider of electronic manufacturing services, has
agreed to pay Royal Philips Electronics about $235 million for the assets.
The deal includes a 4-year product supply agreement between Jabil and
Royal valued at about $4 billion. Under the agreement, Jabil will provide
design and engineering services, procurement and assembly for a wide range
of Philips consumer products, including consumer televisions and DVDs,
storage and display products, audio systems and set top boxes.
http://biz.yahoo.com/bw/020828/282038_1.html
_____________________________________________
o Alcatel Plans to Sell Raleigh R&D Facility, Move to Smaller Space
Raleigh, N.C. -- Alcatel, a Paris-based telecommunications equipment
maker, plans to sell its 232,000-square-foot research and development
facility in Raleigh and the 23 acres where it sits. The News & Observer
reported that Alcatel is seeking a smaller facility after having reduced
its work force in Raleigh to 400 employees from 1,500 over the last 18
months. Alcatel also is seeking to find a sublease tenant for an adjacent
manufacturing facility, which it began shutting down in July 2001,
eliminating 700 jobs.
http://www.newsalert.com/bin/story?StoryId=CpwXkWaicuKeTquXdqvrft&FQ
_____________________________________________
o BellSouth Racial Case To Remain With African-American Judge
Birmingham, Ala. -- U.W. Clemon, an African-American judge on the U.S.
District Court in Birmingham, will continue handling a class-action
lawsuit against BellSouth filed by a group of African-American employees.
BellSouth had hired the judge's nephew's law firm to represent the company
-- a tactic apparently intended to force the judge to resign from the case
so as to avoid a conflict of interest. The Atlanta Journal-Constitution
reported that a new ruling by the court instead forces the judge's nephew,
Terry Price, to resign from the case. The racial discrimination complaint
against BellSouth alleges that the company used "unvalidated tests" and
other discriminatory practices to prevent the advancement of
African-American employees within company ranks. If class-action status is
granted to the lawsuit, it could expand to include about 20,000
African-Americans who work for BellSouth.
http://www.accessatlanta.com/ajc/epaper/editions/wednesday/atlanta_tech_d3c67604824cb1e40088.html
_____________________________________________
o Briefly Noted:
(Sarasota, Fla.) Sarasota-based Uniroyal Technology Corp., a manufacturer
of light-emitting electronic components, has received bankruptcy court
approval to use a new $15 million financing facility to pay its operating
costs. Uniroyal announced on Monday that it had filed for Chapter 11
bankruptcy protection and arranged for up to $15 million in funds from The
CIT Group.
http://www.newsalert.com/bin/story?StoryId=CpwR5qbWbtefuvta2m
(Research Triangle Park, N.C.) Nortel Networks, one of RTP's largest
technology employers, said on Wednesday that food retail giant Safeway has
selected Nortel's voice-over-Internet communications platform. Safeway,
which has about 1,800 stores, said that it plans to streamline its entire
telecommunications network as part of an overall technology upgrade for
its stores.
http://biz.yahoo.com/bw/020828/280123_1.html
(Cary, N.C.) Cary-based SpectraSite Holdings Inc., the operator of one of
the largest networks of wireless towers in the U.S., has received approval
to transfer its shares from the Nasdaq national market to the small cap
market. SpectraSite was unable to meet the national market's $1.00 per
share price requirement.
http://biz.yahoo.com/djus/020828/1215000449_2.html
(Winston-Salem, N.C.) Targacept Inc., a drug developer based in
Winston-Salem, has acquired the drug Inversine, a product candidate for
treating central nervous system disorders, from Layton Bioscience Inc.
Financial terms of the deal were not disclosed. The drug was first
developed by Merck & Co. in 1956 and reportedly has promise for treating
Tourette's Syndrome in children. Targacept was spun out from R.J. Reynolds
Tobacco Co. in 1997 and funded with $30.4 million in its first round of
venture capital.
http://www.newsalert.com/bin/story?StoryId=CpwR5qbWbq0HuvtaYmG
(Pompano Beach, Fla.) Pompano Beach-based Visual Data Corp., a provider of
webcasting and marketing technology for the travel and entertainment
industries, has received a 180-day grace period to comply with the Nasdaq
small cap market's $1.00 per share price requirement.
http://biz.yahoo.com/prnews/020828/nyw047_1.html
===================================================
To subscribe, go to:
http://www.southeasttechwire.com
Questions or comments? Send email to:
paul@southeasttechwire.com
News tips, press releases. Send email to:
editorial@southeasttechwire.com
To change your subscription email address, please unsubscribe the old
address and then subscribe your new email address at:
http://www.southeasttechwire.com
Copyright: CapWire Inc. 2002
|
|
