US Robotics management acquires majority stake in firm from Solectron
US Robotics announced today that its management team has acquired a majority stake in the company from Solectron. The acquisition gives the US Robotics management team majority ownership in the company. Terms of the transaction were not be disclosed.
"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," said According to Joseph Hartnett, president and chief executive officer of US Robotics, in a prepared statement.
US Robotics will retain its current employees including the executive management and account management teams, the company said. The company’s supply chain infrastructure will remain intact, and existing distribution channels will be used for all current and future products, according to US Robotics.
3Com and Accton Technology Corporation maintain a minority interest in US Robotics.
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