December 19, 1996 |
Santa Clara-based Bay Networks Inc., keeping up with rivals in the computer networking business, said it paid $99 million in cash and stock to buy closely held NetICs Inc. The acquisition gives Bay Networks a line of devices called Fast Ethernet switches that are becoming increasingly popular with computer technicians for speeding up the flow of information through corporate computer networks. Bay Networks' rivals Cisco Systems Inc. and 3Com Corp.
December 10, 1996 |
Bay Networks Inc.'s new chairman said he expects the No. 3 networking company's earnings to be "flattish" until it straightens out problems involving employees and customers. David House, the former Intel Corp. executive who was hired at the Santa Clara-based company in October, said he's conducting an extensive evaluation inside and outside Bay. Bay had profit from operations of 25 cents in its fiscal first quarter.
December 4, 1996 |
Bay Networks Inc. said its chief financial officer, William Ruehle, will resign, the second management change since the computer networking company named an Intel Corp. executive as its chairman and president. The Santa Clara-based company said Ruehle, 54, will step down as CFO and executive vice president as soon as a successor is found. Ruehle said he is leaving in hopes of joining a smaller company. Bay named Intel veteran David House its chairman, president and chief executive on Oct. 30.
December 3, 1996 |
Bay Networks Inc. said it will cut the list price of its LANcity cable TV computer modems by 17% to help boost growth of the high-speed Internet access technology. The third-largest maker of computer networking equipment said the list price of the LANcity Personal cable modem will drop to $495 from $595 on Jan. 1. Prices for large orders will fall as low as $395.
October 31, 1996 |
Bay Networks Inc. has picked veteran Intel Corp. executive David L. House, 53, as its chairman, president and chief executive. The news boosted Bay's stock $2.125 to $20.625 on the New York Stock Exchange. The struggling networking company had been seeking a CEO for most of the year. House succeeds Andrew K. Ludwick, who resigned Oct. 14 after promising for months to step down. Paul J. Severino, Bay chairman, had been acting chief executive, and he will remain a director.
September 7, 1995 |
Bay Networks, a company that links computer networks, said Wednesday that it is buying Xylogics Inc., so it can offer remote workers the means to stay linked to their office systems. The planned buyout is in the form of a stock swap valued at about $330 million. News of the deal sent Xylogics stock up as much as 37% to $50.75, before closing up $11.875 at $48.875 on Nasdaq. Bay Networks fell $1.375 to $48.875, also on Nasdaq. Xylogics, based in Burlington, Mass.