On December 29, 2009, Tony Clement, Minister of Industry, made the following statement regarding the purchase of Nortel Networks Corp.’s metro Ethernet networks (MEN) division by Ciena Corp.:
“I have approved the application by Ciena under the Investment Canada Act to acquire Nortel’s MEN division because I am satisfied that the investment is likely to be of net benefit to Canada.
“Ciena’s investment will ensure the continued operation and substantial research and development (R&D) presence of the optical and carrier Ethernet portions of Nortel’s MEN business. Ciena has committed to make Canada a focal centre for its global R&D operations and to maintain significant technology investment and principal R&D functions in Canada.
“Ciena has also committed to continue to invest in R&D and to maintain a significant proportion of the current employee population in Canada. In short, this investment will maintain jobs, R&D activity and corporate leadership in Canada.
“Canada’s future prosperity relies in large part on our ability to compete in the global marketplace, through two-way trade and investment. Foreign investment helps to create jobs and increase competition, which contributes to a stronger economy overall. After a thorough review of the individual merits of this transaction, I have concluded that it will benefit Canada.”