Networking tools supplier Cabletron said it expects to float Riverstone Networks, its carrier and service provider company, within the next 30 days.
The news follows Cabletron's move last February to split itself into four pre-IPO (initial public offering) companies to boost its market value.
Piyush Patel, Cabletron's chief executive, said the identity of the second unit will be announced soon to keep in line with Cabletron's goal of spinning off two companies by the end of the year.
Riverstone targets Cabletron's newest market, the carrier and service provider worlds, with a range of high-end Layer 3 and 4 switches. The other three units are: Arisma Management Technologies, which houses Cabletron's legacy Spectrum network management product; Global Network Technology Services (GNTS), which provides professional services; and Enterasys Networks, which handles Cabletron's traditional enterprise products, such as its Layer 2 and 3 Smartswitch routers and switches.
Riverstone's sales grew by 24 per cent during Cabletron's first quarter, which ended on 3 June 2000. It represented Cabletron's second fastest growing unit after GNTS, which saw revenue increase by 29 per cent over the previous quarter. Aprisma's sales grew by 13 per cent and Enterasys managed a five per cent increase.
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