Lucent Deal Restructured

HICKORY, N.C. -- CommScope, Inc. (NYSE: CTV), reported today that it has agreed with The Furukawa Electric Co. Ltd of Japan (Tokyo: 5801) to restructure the previously announced joint venture arrangements between the companies to acquire an interest in the fiber optic cable business of Lucent Technologies (NYSE: LU). The transaction is expected to enhance CommScope's technology platform with access to key intellectual property and provide it with a strategic partner in optical fiber and fiber optic cable manufacturing. The venture is being formed to operate a portion of the optical fiber and fiber optic cable businesses within Lucent's Optical Fiber Solutions (OFS) group, following the purchase of those businesses from Lucent, which is expected to close this quarter. Under the new terms, CommScope will issue 10.2 million shares of its common stock to Lucent valued at approximately $203 million, based upon a $19.94 share price, which is the 10-day average closing price for the period ending November 6, 2001. CommScope will purchase an approximate 18% ownership interest in the fiber optic cable venture, which includes transmission fiber and cable manufacturing capabilities at a 2.9 million square foot facility in Norcross, Georgia, as well as facilities in Germany and Brazil and an interest in a joint venture in Carrollton, Georgia. CommScope will also purchase an interest-bearing note of the venture for $30 million to finance a portion of the initial working capital needs until permanent financing of the venture is secured. The proceeds of the stock issuance to Lucent will fund both the acquisition of the interest in the venture and the purchase of the note. "We are excited about this opportunity and are pleased to have been able to restructure our arrangement with Furukawa in the midst of a difficult environment," said Frank M. Drendel, CommScope Chairman and Chief Executive Officer. "We believe this venture will create significant value over the long-term." CommScope Inc.