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Solectron, Lucent Technologies to Unwind Optical Systems Transaction
October 24, 2002 |Estimated reading time: Less than a minute
Milpitas, Calif. and North Andover, Mass. -- Solectron Corp. has agreed with Lucent Technologies to unwind their outsourcing and asset-purchase transaction involving Lucent's North Andover, Mass., optical networking systems.
Last month, Solectron said it was negotiating with Lucent to restructure or rescind the transaction, which was completed May 31, 2002.
Solectron said the companies have reached an agreement in principle and expect to conclude a definitive agreement to unwind the May 31 transaction in the company's fiscal first quarter, which ends in November. Under general terms of the agreement in principle, Lucent will repurchase equipment and unused inventory that Solectron acquired in May.
Solectron will continue to produce and support a portion of Lucent's optical networking products through March. The companies are now planning the details of an operational transition, including timing and work-force requirements. Solectron expects to vacate space leased in Lucent's Merrimack Valley facility in North Andover at the end of the transition process.
Solectron Corp. provides a full range of global manufacturing and supply-chain management services to the world's premier high-tech electronics companies. For more information, visit www.solectron.com.