ECI Telecom to sell business systems unit
ECI Telecom today announced it will sell its business-systems division for $12.4 million in cash and notes to the newly formed Tadrian Business Systems. When deal closes, Tadrian will assume all assets and liabilities of the division, including $27.5 million connected to its employee-retirement plan.
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Contingent upon the approval of both companies’ boards of directors, the deal is expected to close in about 60 days.
The business-systems division designs and manufactures advanced IP-enabled PBX systems. It employs about 450 employees worldwide and had sales of about $80 million in 2000.
Selling the division will allow ECI to focus on “key growth engines,” said Doran Inbar, CEO. These include the five niche-oriented companies formed earlier this year—Inovia Telecoms, Lightscape Networks, Enavis Networks, InnoWave ECI and NGTS.
--Glenn Bischoff, senior writer
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© 2012 Penton Media Inc.
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