Feeds

UK's GEC buys Fore

Playing catch-up with the big boys

  • alert
  • submit to reddit

Intelligent flash storage arrays

Fore Systems is set to become a wholly owned subsidiary of General Electric Company (GEC) after the networking company agreed to be acquired for $4.2 billion ($2.8 billion). GEC offered to buy FORE at an agreed price of $35 per share -—a premium of 43 per cent above the closing price of Fore's stock last Friday. Not only does this acquisition strengthen GEC's presence in the US, the world's biggest market for telecomms equipment, it also gives the company access to the high growth enterprise data networking market, which is becoming increasingly integrated with the carrier market. Tom Gill will continue as Fore Systems' CEO and President, and will report directly to George Simpson, CE of GEC. Fore Systems will operate as a wholly owned subsidiary of GEC and continue to trade under its own name. "This acquisition reinforces our position as a leading supplier of voice and data networking technology," said Simpson. "The purchase of Fore Systems provides us with access to new markets and new customers and extends our product portfolio into the increasingly important ATM and IP switching sector." Fore Systems reported sales of $632 million for the year to 31 March 1999 -- an increase of 35 per cent on the year before. Operating income before interest, taxes and non-recurring items was $55.4 million in 1999 -- up 48 per cent from $37.5 million in 1998. As of 31 March 1999, Fore Systems had net assets of $680 million including cash and short term investments of $361 million. ®

Top 5 reasons to deploy VMware with Tegile

More from The Register

next story
Scrapping the Human Rights Act: What about privacy and freedom of expression?
Justice minister's attack to destroy ability to challenge state
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
EU to accuse Ireland of giving Apple an overly peachy tax deal – report
Probe expected to say single-digit rate was unlawful
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
Hey Brit taxpayers. You just spent £4m on Central London ‘innovation playground’
Catapult me a Mojito, I feel an Digital Innovation coming on
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
EU probes Google’s Android omerta again: Talk now, or else
Spill those Android secrets, or we’ll fine you
prev story

Whitepapers

A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.