ALLENTOWN, Pa., June 3 -- Agere Systems said today that Lucent Technologies has completed the spinoff of the company and has distributed about 945 million shares of Agere common stock to nearly 5 million shareowners. With the distribution, Agere has become a fully separate company.
Agere delivers integrated circuits, optoelectronic components and subsystems that form the building blocks for advanced wired, wireless and optical communications networks. The company also provides a variety of semiconductor solutions for end-user computing and communications applications.
"We are beginning an exciting new phase of our life as a leader in our industry," said John Dickson, president and CEO of Agere Systems. "As a completely independent company, we will sharpen our focus on our target markets and forge deeper, more strategic relationships with our customers.
Lucent shareowners received 0.010779464 of a share of Agere Class A common stock and 0.264563010 of a share of Agere Class B common stock for each share of Lucent held on May 3. Investors will receive only whole shares of Agere stock. Those entitled to fractional shares will receive cash.
As part of the spinoff, Henry Schacht, Lucent's chairman, and Frank D'Amelio, Lucent's CFO, have resigned from Agere's board of directors. Agere's board now comprises John Dickson; H.A. Wagner, nonexecutive chairman of the board and former president and CEO of Air Products and Chemicals; Rajiv Gupta, chairman and CEO of Rohm and Haas Co.; Rae F. Sedel, managing director of Russell Reynolds Associates; and John Young, former president and CEO of Hewlett-Packard.