Set-top deal part of Asian expansion for Motorola
Motorola Inc., the nation's largest maker of cable-television set-top boxes, has bought assets from a Chinese manufacturer to expand in Asia.The company acquired digital cable set-top product lines from Zhejiang Dahua Digital Technology Co., Motorola said Sunday. Terms weren't disclosed.
The purchase lets Schaumburg-based Motorola add set-top-box manufacturing and customers in the world's most populous country. Motorola is trying to fend off competition from Cisco Systems Inc., which bought the No. 2 U.S. maker of set-top boxes in 2006. The Motorola unit that manufactures set-top boxes and phone-network equipment is the firm's second-largest business by revenue.
Ratings cut: Also Monday, Motorola shares were cut to "perform" from "outperform" by Oppenheimer.
Motorola stock lost 20 cents, to close at $11.16 on the New York Stock Exchange.