US communications hardware firm Zoom Telephonics has acquired most of the assets of bankrupt modem maker, Hayes, for $5.3 million cash.
The assets include the Hayes, Practical Peripherals, Accura, Optima, Century 2, and Cardinal brands and product rights for the US, Canada, South and Central America, Europe and the Middle East. Zoom has also bought the entire assets of Hayes Europe, its profitable division based in Surrey.
Zoom also stands to inherit more than $4 million of hard net assets, including cash, receivables, inventory and equipment and is keen to purchase some of Hayes' remaining assets. It will also continue to develop Hayes' products and market its own brand, and will retain Hayes' UK reseller channel.
Frank Manning, Zoom's president and chief executive, said: "Hayes' products and brand name are well know and respected worldwide. We are particularly enthusiastic about the acquisition of Hayes' valuable European office, and are fortunate to have hired several senior members of the engineering, sales, and marketing teams from the Hayes corporate headquarters in Atlanta, US."
The US communications hardware firm had been expected to confirm the acquisition almost a month ago on 15 March (see VNU Newswire, 1 March, 1999), following Hayes decision to file for Chapter 11 to protect itself from bankruptcy in October.
By January, Hayes? main creditor Nationsbank, refused to keep funding its ongoing operations and most of its 250 staff in the US were laid off (see VNU Newswire, 5 January, 1999).
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