Teledyne to buy test gear maker LeCroy

2012-06-09 12:21:54

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Alcatel-Lucent to expand broadband FTTH network for China Telecom
Alcatel-Lucent (Euronext Paris and NYSE: ALU) says it has been chosen to expand China Telecom’s broadband access network, bringing services such as IPTV, video-on-demand, and voice-over-IP (VoIP) services to millions of homes in China.The €100-million contract – secured through Alcatel-Lucent Shanghai Bell, Alcatel-Lucent’s flagship company in China – will lead to the deployment of FTTH networks across China’s 31 provinces, enabling China Telecom to serve millions of households with a wide range of high-speed services and guaranteed quality of service.The contract is a key milestone in China Telecom’s ambitious “Broadband China, Fiber Cities” plan which was launched at the beginning of 2011 to bring FTTH coverage to 100 million households and 30 million subscribers by 2015 (see “China Telecom chooses Alcatel-Lucent PON for Fiber Cities project”). The project is also closely aligned with China’s National Broadband Strategy.Rajeev Singh-Molares, president of Alcatel-Lucent Asia-Pacific region, said, “This project highlights the rapid expansion of broadband in China. It also demonstrates our strong and growing leadership position in the FTTH market as we help accelerate the availability of superfast broadband throughout China.”Alcatel-Lucent will supply China Telecom with its 7360 Intelligent Services Access Manager (ISAM) system, which supports GPON as well as EPON broadband technologies. The ISAM family is a cornerstone of Alcatel-Lucent’s High Leverage Network architecture.Alcatel-Lucent says it is involved in over 160 FTTH projects worldwide, which includes projects with China’s three main operators: China Telecom, China Unicom and China Mobile (see “Alcatel-Lucent touts GPON win with China Unicom”).
Infonetics: $186B spending on Carrier Ethernet over next 5 years
Following a massive 43% increase in 2010, the global Carrier Ethernet equipment market grew at 13.4% to reach $31.7 billion in 2011, according to the latest market report from Infonetics Research.  The analyst firm expects Carrier Ethernet equipment revenue to grow at a more sedate pace over the next five years, reaching $42.4 billion in 2016.The chief market drivers are service providers moving to IP packet-based next-generation networks (NGNs), which depend heavily on IP, MPLS, and Ethernet technologies, as well as growing traffic – particularly video traffic – from consumer, business, and mobile backhaul networks. Ethernet offers a less expensive way to interconnect telecom equipment, whether routers to routers, DSLAMs to routers, or routers to optical gear."Over the five years from 2012 to 2016, operators will spend a cumulative $186 billion worldwide on Carrier Ethernet equipment, outpacing overall telecom capex," said Michael Howard, principal analyst for carrier networks and co-founder of Infonetics Research. "Every major operator in the world, including BT, Belgacom, Swisscom, Telstra, FT-Orange, Verizon, AT&T, NTT, KDDI, China Mobile, and many others have explicit IP NGN transformation projects going, for which they will use plenty of Ethernet as they gradually replace their legacy SONET/SDH equipment."Mobile backhaul continues to be a particular Carrier Ethernet growth area, with IP/Ethernet equipment making up 93% of all mobile backhaul equipment spending in 2011 (see "Infonetics: China boosted 2011 mobile backhaul equipment market").The largest Carrier Ethernet equipment segments by carrier spending are IP routers, Carrier Ethernet switches (CES), and optical gear. Ethernet-only microwave is the fastest growing Carrier Ethernet market segment thanks to its use in mobile backhaul.Infonetics says its annual Carrier Ethernet Equipment market report measures use, penetration of, and investment in, carrier Ethernet products in service provider networks. The report also provides worldwide and regional market size, analysis, and forecasts for all carrier Ethernet equipment in service provider networks, including carrier Ethernet switches, IP core routers, IP edge routers, SONET/SDH Ethernet equipment, WDM Ethernet equipment, VDSL, fiber and copper Ethernet access devices, EPON, Ethernet and dual Ethernet/TDM microwave equipment, and carrier Ethernet ports by speed.
Teledyne to buy test gear maker LeCroy
Teledyne Technologies Inc. (NYSE:TDY) has reached an agreement with LeCroy Corp. (NASDAQ:LCRY) to merge LeCroy with a wholly owned subsidiary of Teledyne. To complete the agreement, Teledyne plans to acquire all of the outstanding common shares of LeCroy for $14.30 per share payable in cash. The aggregate value for the transaction is approximately $291 million.The $291 million figure includes LeCroy’s stock options, stock appreciation rights, and net debt as of March 31, 2012. The two companies did not offer a timetable for completing the transaction.LeCroy supplies oscilloscopes, protocol analyzers, and signal integrity test equipment. It has become increasingly aggressive in the optical communications technology test realm, providing the high-bandwidth oscilloscopes necessary to test optical transport systems and subsystems that use phase-based modulation formats and coherent detection (see, for example, “LeCroy boosts oscilloscope bandwidth to 65 GHz”).Headquartered in Chestnut Ridge, NY, LeCroy has approximately 500 employees worldwide. For its fiscal year ended July 2, 2011, LeCroy reported sales of approximately $178.1 million.The transaction was unanimously approved by both companies’ boards of directors. LeCroy directors and executive officers, including founder Walter LeCroy, have agreed to vote their shares in favor of the transaction."LeCroy will broaden our portfolio of analytical instrumentation businesses by adding a leader in electronic test and measurement solutions," said Dr. Robert Mehrabian, chairman, president, and CEO of Teledyne. "We are particularly impressed with LeCroy’s strength in the market for high-performance oscilloscopes. Furthermore, I am excited about the potential for LeCroy to provide an ideal commercial outlet for our unique Indium Phosphide (InP) process technology and ultra high frequency mixed-signal design capabilities developed at Teledyne Scientific Company, our R&D laboratories.""This transaction provides a substantial premium for our shareholders and provides exciting opportunities for our customers and employees," said Thomas Reslewic, president, CEO, and director of LeCroy. "We believe Teledyne can help us accelerate our high-end oscilloscope programs to deliver real-time bandwidth well beyond 100 GHz by utilizing Teledyne’s leading InP technology. Furthermore, through a combination of Teledyne’s microwave and mixed-signal design capabilities with LeCroy’s signal processing expertise, as well as our respective market channels, we envision growing our markets and adding new products such as signal generators and multifunction instruments."In an email to suppliers, Reslewic wrote, “LeCroy will continue to operate under its current leadership team as a relatively autonomous entity consistent with Teledyne's acquisition history.”
The above information is edited by 10GTEK.
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