U.S. Robotics Management Team Acquires Majority Stake In The Company
CHICAGO – June 30, 2004 – U.S. Robotics Corporation announced today that its management team has acquired a majority stake in the company from Solectron Inc. The acquisition gives the U.S. Robotics management team majority ownership in the company. Terms of the transaction will not be disclosed.
According to Joseph Hartnett, president and chief executive officer of U.S. Robotics, “This transaction demonstrates a very positive and necessary step toward our goal of growth and prosperity. We will continue our path of building on a strong foundation through internal growth, external investments and opportunistic acquisitions.”
Hartnett added, “As majority owners, the U.S. Robotics management team will be in a better position to deliver the world’s most advanced portfolio of connectivity and Internet access devices. With the company’s strong brand name, channels, management team and infrastructure in place, we now control the future direction of U.S. Robotics and its plans for continued growth.”
3Com and Accton Technology Corporation maintains a minority interest.
About U.S. Robotics
For three decades, U.S. Robotics® has been the world’s leader in Internet access, delivering the highest quality and most innovative modems available. U.S. Robotics also provides a selection of wireless and wired networking products and security devices for homes and small offices. The company is partnering with key industry players and new technology providers to bring consumers connectivity solutions through its extensive worldwide distribution channel. U.S. Robotics is privately held and headquartered in the Chicago area. For further information regarding the company and its products, please visit the Web site at www.usr.com.
U.S. Robotics is a registered trademark of U.S. Robotics Corporation. All rights reserved. All other company names mentioned herein may be trademarks of their respective owners.