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Lucent names unit for IPO
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December 5, 2000: 2:30 p.m. ET
Lucent names microelectronics unit ahead of initial public offering
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NEW YORK (CNNfn) - Lucent Technologies christened its microelectronics business Agere Systems on Tuesday as the unit geared up for what could be the largest initial public offering ever.
Lucent said in a statement that the name -- derived from the Latin verb "ago" meaning "to lead" -- is "consistent with the aspirations of the new company and reflects feedback from employees, customers and industry analysts around the world."
The Allentown, Pa.-based company announced in July it plans to spin off its microelectronics unit and float up to 20 percent of its shares, with some analysts estimating it could raise up to $20 billion.
Lucent (LU: Research, Estimates) chose to spin off the unit, which posted $4 billion in revenue over the last four quarters, because 75 percent of the unit's sales came from competitors.
Shares of Lucent rose $1.50 to $16.81 on the New York Stock Exchange. 
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Lucent
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