Lucent Spins Off
Lucent Technologies has selected Agere (pronounced a-GEAR) Systems as the name of its new Microelectronics spin-off, which the company has been planning since July 20. An initial public offering of up to 20 percent of the new company is planned and it intends to spin off the remaining shares in a tax-free distribution. The IPO will take place by the end of the first quarter of 2001 and the spin-off should be completed by the summer of 2001. Agere Systems develops and manufactures communications products for wireless, access, networking and computing applications. It also designs, develops and manufactures optoelectronics components for long- and short-haul communications networks.
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