Oclaro Closes Sale of its Amplifier and Micro-Optics Business to II-VI
SAN JOSE, Calif., Nov. 1, 2013
SAN JOSE, Calif., Nov. 1, 2013 /PRNewswire/ --Oclaro, Inc. (NASDAQ: OCLR), a
leading provider and innovator of optical communications solutions, today
announced that it closed the previously announced sale of its Amplifier and
Micro-Optics business (the Business) to II-VI Incorporated (NASDAQ: IIVI), on
November 1, 2013, for $88.6 million.
Under the terms of the agreement, II-VI paid Oclaro $79.6 million in cash at
closing. II-VI previously had paid Oclaro $5 million for a 30-day option to
buy the Business on September 12, 2013, which was credited against the $88.6
million purchase price.The remaining $4 million will be held by II-VI until
December 31, 2014 to address any post-closing claims.
Oclaro, Inc. (NASDAQ: OCLR) is one of the largest providers of optical
components, modules and subsystems for the optical communications market. The
company is a global leader dedicated to photonics innovation, with
cutting-edge research and development (R&D) and chip fabrication facilities in
the U.S., U.K., Italy, Korea and Japan. It has in-house and contract
manufacturing sites in China, Malaysia and Thailand, with design, sales and
service organizations in most of the major regions around the world. For more
information, visit http://www.oclaro.com.
Safe Harbor Statement
This press release contains statements about management's future expectations,
plans or prospects of Oclaro and its business, and together with the
assumptions underlying these statements, constitute forward-looking statements
for the purposes of the safe harbor provisions of The Private Securities
Litigation Reform Act of 1995. These forward-looking statements include
statements concerning expectation regarding the sale of and payment of the
purchase price for its Amplifier and Micro-optics business. There are a number
of important factors that could cause actual results or events to differ
materially from those indicated by such forward-looking statements, including
the fulfillment of certain conditions and performance of certain agreements by
II-VI and Oclaro related to the sale of the Business, and other factors
described in Oclaro's most recent annual report on Form 10-K and other
documents it periodically files with the SEC. The forward-looking statements
included in this announcement represent Oclaro's view as of the date of this
announcement. Oclaro anticipates that subsequent events and developments may
cause Oclaro's views and expectations to change. Oclaro specifically disclaims
any intention or obligation to update any forward-looking statements as a
result of developments occurring after the date of this announcement.
SOURCE Oclaro, Inc.
Contact: Oclaro, Inc. Contact: Jerry Turin, Chief Financial Officer,
408-383-1400, email@example.com, or Investor Contact: Jim Fanucchi, Darrow
Associates, Inc., (408) 404-5400, firstname.lastname@example.org
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