Applied Cellular Technology Inc.’s board of directors approved a strategic plan aimed at growing its earnings per share by 20 percent that calls for the divestiture of non-core business units and the repurchase of 5 million shares of its common stock. Applied also intends to limit the use of stock in future acquisitions in light of today’s market conditions, focusing instead on cash transaction, according to the telecom company.
Reltec Corp. announced it completed the acquisition of Evergood Telecom Enclosures, a division of Walker Systems Inc. that designs, manufactures and markets power transfer devices and custom enclosures used in wireless applications. Reltec first announced its agreement to acquire Evergood Aug. 6. Terms of the agreement were not disclosed, Reltec stated.
Cisco Systems Inc. signed a definitive agreement to acquire Clarity Wireless Corp., a privately owned Belmont, Calif.-based developer of wireless communications technology for computer networking and Internet service markets. The proposed $157 million acquisition would bring fixed wireless technology to Cisco Systems.
Standard & Poor Corp. assigned a A rating to Frontier Corp.’s planned $200 million dealer remarketable securities, and affirmed its other A ratings on the company, which reflect Frontier’s strong business position and stable cash flows, said S&P. Frontier has about $1 billion in outstanding debt.
Cellnet awarded Brite Voice Systems Inc. a contract valued at more than $12 million to expand the capacity of its value-added services system that Brite originally supplied. The contract includes the delivery of five more VSD multi-applications platforms, according to Brite. Brite has been a supplier to London-based Cellnet for 10 years. Cellnet was formed by British Telecommunications plc and Securicor Group plc. BT is the majority shareholder with an interest of 60 percent, the company said.
