Industry Canada approves Ciena’s acquisition of Nortel’s metro Ethernet networks division

On December 29, 2009, Tony Clement, Minister of Industry, made the following statement regarding the purchase of Nortel Networks Corp.’s metro Ethernet networks (MEN) division by Ciena Corp.:

“I have approved the application by Ciena under the Investment Canada Act to acquire Nortel’s MEN division because I am satisfied that the investment is likely to be of net benefit to Canada.

“Ciena’s investment will ensure the continued operation and substantial research and development (R&D) presence of the optical and carrier Ethernet portions of Nortel’s MEN business. Ciena has committed to make Canada a focal centre for its global R&D operations and to maintain significant technology investment and principal R&D functions in Canada.

“Ciena has also committed to continue to invest in R&D and to maintain a significant proportion of the current employee population in Canada. In short, this investment will maintain jobs, R&D activity and corporate leadership in Canada.

“Canada’s future prosperity relies in large part on our ability to compete in the global marketplace, through two-way trade and investment. Foreign investment helps to create jobs and increase competition, which contributes to a stronger economy overall. After a thorough review of the individual merits of this transaction, I have concluded that it will benefit Canada.”

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