Scientific-Atlanta Expands Commitment to China
September 29 2005 - 9:00AM
PR Newswire (US)
- Converts former joint venture into Wholly Foreign Owned
Enterprise (WFOE) through acquisition of all interests - ATLANTA,
Sept. 29 /PRNewswire-FirstCall/ -- As part of Scientific- Atlanta's
expanding commitment to the Asia Pacific region, the company has
completed the acquisition of all outstanding interests in the
Scientific- Atlanta Shanghai Limited joint venture from the other
shareholders. Going forward, Scientific-Atlanta (Shanghai) Company
Ltd. will function as a wholly owned subsidiary of
Scientific-Atlanta China, Inc. The company will continue to use the
extensive marketplace knowledge acquired during the 12 years of the
joint venture's operation as it focuses on research and development
of digital technology for the burgeoning China market and extending
that technology for applications all across Asia. "This acquisition
underscores the importance of the market in China and our belief
that a strong local R&D presence will enable us to design,
develop and deliver products with focused, market-driven features,"
said Raghu Puri, the newly designated general manager of
Scientific-Atlanta (Shanghai) Company Ltd. who is relocating from
Atlanta to Shanghai. Through the acquisition of these interests and
the expanded R&D role of the now wholly foreign owned
enterprise (WFOE), technology developed by Scientific-Atlanta will
continue to expand its leadership position to meet the growing
demand for digital technology in China. In addition to new products
and systems that will be developed in Shanghai, service providers
in China can benefit from a wide range of imported
Scientific-Atlanta-developed technology - next generation headend
products and systems including advanced encoding technology,
digital content management, advanced transport and access network
platforms, and leveraging Scientific-Atlanta's growing presence in
IPTV systems. According to Bill Katherman, vice president and
managing director, Asia Pacific region for Scientific-Atlanta,
"Current China sales channels and manufacturing capabilities will
remain intact following the conversion to a wholly foreign owned
enterprise. Going forward, we are excited about the impact this
acquisition has for empowering our in-region initiatives as we
explore the opportunities for serving China and the rest of the
Asia Pacific region." Scientific-Atlanta will continue normal
business operations under Katherman's direction in locations across
the Asia-Pacific region, including Beijing, Hong Kong and Shanghai.
About Scientific-Atlanta Scientific-Atlanta, Inc. (NYSE:SFA)
(http://www.scientificatlanta.com/) is a leading supplier of
digital content contribution and distribution systems, transmission
networks for broadband access to the home, digital interactive
set-tops and subscriber systems designed for video, high-speed
Internet and voice over IP (VoIP) networks, and worldwide customer
service and support. "Forward-looking statements," as defined in
the Private Securities Litigation Reform Act of 1995, may be
included in this news release. A variety of factors could cause
Scientific-Atlanta's actual results to differ from the anticipated
results expressed in such forward-looking statements. Investors are
referred to Scientific-Atlanta's Cautionary Statements (Exhibit
99.1 to the Company's most recent Form 10-K), which statements are
incorporated into this news release by reference. DATASOURCE:
Scientific-Atlanta, Inc. CONTACT: Sara Stutzenstein,
+1-770-236-2181, or fax, +1-770-236-3088, or , or Peggy Ballard,
+1-770-236-7871, or fax, +1-770-236-3088, or , both of
Scientific-Atlanta Web site: http://www.scientificatlanta.com/
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