Computer World – Tektronix Inc. yesterday said it will create two public companies and has put its video and networking division up for sale, according to a statement.
A Tektronix spokeswoman said the two companies will be formed by May next year, the end of its current fiscal year. It doesn't expect any "significant impact on employment levels," Tektronix said. Spinning off the measurement business and color printing and imaging divisions into separate companies will allow each to concentrate on their respective business, as well as have their own identities, the company added.
Tektronix plans to turn its color printing and imaging division into an as-yet-unnamed company in Wilsonville, Ore., the company said. The division had fiscal 1999 net sales of approximately $725 million and has about 2,100 employees worldwide. Tektronix said it is considering an initial public offering for 15% of the color printing company before next May.
Tektronix's measurement business division will spin off into its own company, retaining the Tektronix name, Tektronix said. Based in Beaverton, Ore., it will offer telecommunications test products, signal and television test equipment. The division had approximately $845 million in fiscal 1999 net sales and has approximately 3,600 employees worldwide.
When the companies are created, Chairman and CEO Jerry Meyer will become CEO of the color printing and imaging company, Tektronix said. Carl Neun, senior vice president and chief financial officer, will take over as CEO for the measurement company.