Herley Industries, Inc. (NASDAQ-HRLY) announced today that it has formed a new subsidiary, Herley Wireless Technology, Inc., to pursue business opportunities in the rapidly expanding commercial wireless industry.
Lee N. Blatt, Chairman and CEO, stated, "Herley is a leading microwave technology company possessing technical skills that are used in both the defense and commercial industries. As a supplier of communication products to companies and governments worldwide, we have always known that we had the technical capabilities necessary to successfully compete in the wireless markets.
Only recently, however, did we reach the depth of engineering staff necessary to support both our existing defense business and the ramp-up in engineering development efforts required to make a significant entrance into the wireless industry."
Blatt continued, "With the acquisitions of General Microwave in January 1999 and Robinson Laboratories in January 2000, we now have the strong engineering team able to support both our defense and wireless businesses."
"General Microwave has a solid base of approximately $3.5 million in annual wireless business, with our other divisions providing additional but smaller amounts of sales. We will combine all of these efforts in Herley Wireless and we will recruit the engineering and market specialists necessary to grow our wireless business," said Blatt.
"To demonstrate the importance we attach to this new venture. I have asked Myron Levy, President of Herley, to head up the operation of this new unit. Dr. Rozalie Schachter will be the Acting Director during the initial development phase, in addition to her other duties," said Blatt.
"We have set ambitious goals for Herley Wireless Technologies. We intend to pursue wireless opportunities as aggressively as we have pursued the defense business and we expect to achieve similar results."
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