Lucent Technologies Inc. said yesterday that it has completed its $1 billion acquisition of Yurie Systems Inc., a Landover-based telecommunications equipment firm.
The cash purchase, announced April 27, means the disappearance of the Yurie name. The company's operations are staying in Landover.
The absorption of Yurie is not expected to cause job losses. Of the company's 240 employees, 212 are in Maryland.
tTC Yurie's chairman and chief executive officer, Jeong Kim, is president of carrier networks within Lucent's data networking systems group.
Kim, who founded Yurie in 1992 and named the company after one of his daughters, said he had mixed feelings upon the completion of the sale.
"When I came to work and saw the Lucent sign over the Yurie sign, I was a little bit sad," he said.
However, he said, melancholy was not the only emotion of the day.
"I'm excited," he said. "In a way, it's closing a chapter, and it's time to move on to a new chapter."
Pub Date: 5/30/98