TECHNOLOGY - Sept. 6, 1996
Times Staff and Wire Reports
Osicom to Buy Cray Unit: Santa Monica-based Osicom Technologies Inc. said it is acquiring Cray Communications Inc., the U.S. division of Cray Electronics Holdings, for $17 million in cash and preferred stock. Under the deal, Osicom, which makes telecommunications network equipment, would also get access to Cray Electronics products at favorable terms for at least the next three years. Cray Electronics is a software systems and telecommunications group based in Britain. Its U.S. unit is based in Annapolis Junction, Md. Osicom said the unit is profitable and should boost its annual revenue by about $28 million. The deal is expected to close early this month.
