CommScope, Inc. (NYSE: CTV), a global leader in infrastructure solutions for communications networks, has completed the previously announced divestiture of its minority interest in Andes Industries, Inc.
Pursuant to the agreement approved by the US Department of Justice, CommScope has transferred its equity and other financial interests in Andes and its affiliates, as well as certain other related assets, to Andes, and each of the parties has released all claims against each other, including claims relating to prior transactions between Andrew Corporation and Andes. Andes also will make payments of up to $16 million to CommScope, but only upon the occurrence of certain extraordinary events, such as the sale of Andes to a third party, during a two-year period following the completion of the agreement. The divestiture complies with terms of the settlement agreement among CommScope, Andrew and the DOJ that allowed CommScope to complete its acquisition of Andrew in December 2007.
About CommScope
CommScope, Inc. (NYSE: CTV – www.commscope.com) is a world leader in infrastructure solutions for communication networks. Through its Andrew® brand, it is a global leader in radio frequency subsystem solutions for wireless networks. Through its SYSTIMAX® and Uniprise® brands, CommScope is the global leader in structured cabling systems for business enterprise applications. It is also the premier manufacturer of coaxial cable for broadband cable television networks and one of the leading North American providers of environmentally secure cabinets for DSL and FTTN applications. Backed by strong research and development, CommScope combines technical expertise and proprietary technology with global manufacturing capability to provide customers with infrastructure solutions for evolving global communications networks in more than 130 countries around the world.
This press release includes forward-looking statements that are based on information currently available to management, management’s beliefs, as well as on a number of assumptions concerning future events. Forward-looking statements are not a guarantee of performance and are subject to a number of uncertainties and other factors, which could cause the actual results to differ materially from those currently expected. For a more detailed description of the factors that could cause such a difference, please see CommScope’s filings with the Securities and Exchange Commission. In providing forward-looking statements, the company does not intend, and is not undertaking any obligation or duty, to update these statements as a result of new information, future events or otherwise.
Investor Contact:
Phil Armstrong, CommScope
+1 828-323-4848
or
News Media Contact:
Rick Aspan, CommScope
+1 708-236-6568
or publicrelations@commscope.com