SYMANTEC ANNOUNCES PLANS TO ACQUIRE SYMANTEC UK
SYMANTEC ANNOUNCES PLANS TO ACQUIRE SYMANTEC UK CUPERTINO, Calif., March 3 /PRNewswire/ -- Symantec Corp.
(NASDAQ: SYMC) today announced that it will acquire Symantec UK, the exclusive distributor of Symantec's application and system software products in the United Kingdom. The transaction is expected to be completed in the fourth quarter of fiscal year 1992 ending April 3, 1992.
According to Gordon E. Eubanks, Jr., Symantec's president and CEO, the acquisition will strengthen the company's presence in international markets. "This is in line with our long-standing plans to have a direct presence in all of our major markets. We have experienced substantial growth in Europe with headquarters in Holland, and subsidiaries already in place in Germany, France, Italy and Ireland. This action provides much greater control over the operation and will give us a more consistent approach in our sales and marketing strategies." The company reported that international sales for the December quarter of fiscal 1992 increased 84 percent to $17.8 million and represented 33 percent of consolidated worldwide revenues. Overall, the company had revenues of $54.5 million and net income of $6.1 million for the December quarter which ended on Dec. 31, 1991. The acquisition is a pooling of interest in which Symantec will exchange between 570,000 and 630,000 shares and options of its common outstanding stock for the current outstanding shares of Symantec UK. International Expansion In October 1991, Symantec formally opened a manufacturing facility in Ireland to support the needs of its network of partners and distributors in Europe, Africa, Asia and Latin America. Ireland joins a growing list of Symantec international locations including Dusseldorf, Germany; Leiden, Holland; Paris; Sydney and Toronto. The company has 150 employees in its international organization and has translated 19 of its products into 10 languages. Symantec Corp. develops, manufactures, markets and supports a complete line of application and system software products for IBM personal computers and compatibles, and Apple Macintosh computers. Founded in 1982, the company has offices in the United States, Canada, Australia and Europe. Information on the company and its products can be obtained by calling 800-441-7234 toll free or 408-252-3570. -0- 3/3/92 /CONTACT: Brian K. Fawkes of Symantec Corp., 408-446-8886; or Julie McHenry of Wilson McHenry Co., 415-592-7600, for Symantec Corp./ (SYMC) CO: Symantec Corp. ST: California IN: CPR SU: TNM
RM -- SJ005 -- 4603 03/03/92 16:01 EST
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|Date:||Mar 3, 1992|
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