Industry Canada

Industry Canada

December 29, 2009 21:12 ET

Industry Minister Clement Approves Ciena's Acquisition of Nortel's Metro Ethernet Networks Division

OTTAWA, ONTARIO--(Marketwire - Dec. 29, 2009) - The Honourable Tony Clement, Minister of Industry, today made the following statement regarding the purchase of Nortel Networks Corp.'s Metro Ethernet Networks (MEN) division by Ciena Corporation:

"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."

Contact Information

  • Office of the Honourable Tony Clement
    Minister of Industry
    Lynn Meahan - Press Secretary
    613-867-2537 (cell)
    or
    Industry Canada
    Media Relations
    613-943-2502