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Article: Eden Prairie, Minn.-Based ADC Telecom to Buy Germany's Krone Group.
- Article from:
- Saint Paul Pioneer Press (St. Paul, MN)
- Article date:
- March 26, 2004
CopyrightCOPYRIGHT 2004 Saint Paul Pioneer Press. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Leslie Brooks Suzukamo
Mar. 26--ADC Telecommunications said Thursday that it will buy Germany's Krone Group, an international supplier of telecommunications equipment with worldwide manufacturing and distribution that can help ADC rapidly expand globally.
Eden Prairie-based ADC said the deal is worth $350 million. ADC will pay Krone's parent company, GenTek Inc. of Hampton, N.H., $291 million in cash, with the balance of the deal in assumed liabilities, principally Krone's pension obligation for its German work force. ADC has $780 million in cash, including about $350 million it raised in a bond issue last year to shop for acquisitions.
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