Commscope Being Publicly Traded Again
Company plans to shift some operations from Illinois to North Carolina
November 14, 2013
Commscope is once again offering publically-traded shares after a three year hiatus from the stock market. The new offering is being traded under the COMM symbol on the NASDAQ exchange. (Readers will recall that Commscope took over Andrew’s Heliax and microwave antenna business in 2007.)
“The CommScope team is excited to return to the public market with industry leading wireless, enterprise and broadband solutions addressing the growing global need for bandwidth,” said Eddie Edwards, the company’s president and chief executive officer. “While it has been less than three years since our company was last public, much has changed. Popular devices like tablets and smart phones as well as the impact of BYOD have created the need for a mobile Internet. Operators are deploying more cell sites and new technologies globally to meet this demand. We believe we are in the early innings of a long-term, global growth cycle in LTE, which includes coverage, capacity, optimization, small cell Distributed Antenna System (DAS) solutions, backhaul and seamless in-building cellular.”
Commscope released its third quarter 2013 financial report on Nov. 8, one week after it completed its initial public offering. In the earning release, Commscope said it “plans to close its Joliet, Illinois manufacturing operation and shift production to existing facility in North Carolina and to third part suppliers in an effort to improve North American factory utilization.” The closure will impact approximately 200 employees. It expects the closure to provide $8 million to $10 million of annualized cost savings.
For more information, see www.commscope.com