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Lucent gets $3.2B orders
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July 21, 1998: 8:34 a.m. ET
Equipment maker signs pacts with SBC and Saudi Telecommunications
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NEW YORK (CNNfn) - Lucent Technologies Inc. said Tuesday it won a five-year contract worth up to $2.4 billion to expand SBC Communications Inc.'s digital network.
At the same time, the telecommunications equipment maker announced two new contracts with Saudi Telecommunications Co. valued at $810 million.
Under the SBC pact, Lucent will provide telecommunications switching equipment throughout the Baby Bell's seven-state territory over a five-year period..
SBC plans to deploy additional digital lines on Lucent's switch offices throughout its network during the five-year period, Lucent said.
In the first of two separate contracts with Saudi Arabia, Lucent will expand the kingdom's mobile phone network under a plan valued at $699 million. The contract covers installation of 575,000 additional lines over the next 15 months.
The new program will cover areas of the Kingdom where mobile phone service has yet to be launched. Completion of the project will bring the total number of subscribers in the Kingdom to more than 1 million.
In another contract worth $111 million, Lucent will modernize Saudi Telecommunications' telephone switch systems, covering more than 900,000 telephone lines. This project will improve services and relieve network congestion.
Lucent stock closed up 7-3/8 Monday to 102-1/4. SBC (SBC) closed up 3/16 to 40 15/16.
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