February 5, 1996
For Immediate Release
Contact: Gary Smyth
McMurray, Pennsylvania/Minneapolis, Minnesota -- In a jointly timed announcement, Information Transmission Systems Corp., commonly referred to in the communications industry as ITS Corporation, today announced that it was being acquired by ADC Telecommunications. The merger will result in ITS Corporation becoming a wholly owned subsidiary of ADC. The transaction is valued at approximately 34 million dollars and is intended to be a tax free transaction.
ITS, headquartered in McMurray, Pennsylvania, is a leading manufacturer of television transmission products for boh the broadcast and wireless cable industries, and has annual revenues exceeding twenty million dollars. ITS brings to ADC Telecommunications a portfolio of analog and digital transmitters that allows ADC to further solidify its place in an industry that analysts believe may achieve a 25 percent penetration of all U.S. households by the year 2005.
ADC Telecommunications, Inc. with fiscal 1995 revenue of $586 million, is a leading supplier of transmission and networking systems used by telephone companies, other public network providers, and private voice, data, and video network providers. The companies believe the addition of ITS' transmitter system products complements ADC's strong product portfolio, making it one of the industry's most complete offering of broadband end to end voice, data and video network solutions.
According to Robert M. Unetich, ITS Corporation President, "I believe that this merger will greatly enhance our ability to become the pre-eminent supplier of transmitter systems to broadcasters and wireless servce providers throughout the world. Numerous applications for the combined product lines of ADC and ITS exist in the rapidly developing digital MMDS and LMDS market segments and ADC's global presence will permit ITS to expand into new markets. In addition, ITS' strong VHF and UHF broadcast product lines will be enhanced with the resources of ADC as this industry transitions to the digital age."
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