Friday, January 10, 2003
Lucent Technology pays Solectron Corp. about $48 million to end a supply agreement, according to a regulatory filing.
In late October of 2002, Solectron agreed to terminate the $2 billion, 3-year contract to supply optical-networking equipment to Lucent by the end of November, Solectron said in a quarterly report filed with the Securities and Exchange Commission late Thursday.
According to their agreement, Lucent was to repurchase the equipment and unused inventory from its optical product lines that Solectron acquired in May for about $99 million.
Solectron said the companies decided to unwind the agreement as a result of significant changes in the marketplace and decreased demand.
By: DocMemory
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