April Business Bits

  • Optillion, a leader in fiber-optic transceiver technology, has received ISO 9001:2000 certification for sales, manufacturing and development of fiber-optical transceivers and subsystems, essentially covering Optillion' entire business operation. Bureau Veritas Quality International (BVQI), an internationally recognized certification organization, confirmed certification after an extensive audit. "Optillion has been shipping fiber optic 10 Gb/s Ethernet transceivers since December 2001. The addition of a ISO certificate provides assurance that Optillion's customers' expectation of supplier quality will be met", said Patrik Evaldsson, CEO and president.
  • Stockholders of ProBusiness Services, Inc. approved the merger of ProBusiness with a wholly owned subsidiary of Automatic Data Processing, Inc. Approximately 70% of the total outstanding shares, or over 95% of the votes cast at the special meeting, were voted in favor of the merger. The transaction is subject to customary closing conditions, including expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
  • Cisco Systems is acquiring the The Linksys Group. Linksys is the leading provider of home networking products with a broad line of wired and wireless products for consumers and SOHO (small office/home office) users. This acquisition represents Cisco's entry into the high-growth consumer/SOHO networking market, which is expected to grow from $3.7 billion in 2002 to $7.5 billion in 2006-2007 worldwide (sources: compiled from Dell'Oro Group, Synergy). The acquisition is expected to close in the fourth quarter of Cisco's fiscal year 2003.
  • Countrywide Financial Corporation, a member of the S&P 500, has been recognized by both Fortune and Forbes in their annual corporate rankings as one of the nation's top performing companies in 2002. Forbes ranked Countrywide number 110 in its listing, up from the previous year's ranking of 183. Countrywide was ranked number 209 in the most recent Fortune 500 ranking, up sharply from its 345 spot on last year's list. In addition to these rankings, Fortune listed Countrywide 15th in percentage of annual revenue growth for the past five years.
  • U.S. Bancorp, parent company of U.S. Bank, ranked 26th among companies evaluated in the seventh annual BusinessWeek 50 listing of top performers on the Standard & Poor's 500-stock index, and earned a third place showing among 29 banks listed. U.S. Bancorp earned an A in five of the eight key criteria of financial success: one-year total return, sales growth over the past three years, one-year profit growth, three-year profit growth and net margin.

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