II-VI Incorporated Announces Completion of Acquisition of Oclaro, Inc.'s Fiber
Amplifier and Micro-Optics Business
PITTSBURGH, Nov. 1, 2013 (GLOBE NEWSWIRE) -- II-VI Incorporated (Nasdaq:IIVI)
announced today that it has completed the previously-announced acquisition of
the fiber amplifier and micro-optics business (the "Business") of Oclaro, Inc.
(Nasdaq:OCLR) in a transaction valued at $88.6 million. At closing, II-VI paid
$79.6 million in cash to Oclaro, $4 million of cash is subject to hold back
until December 31, 2014, and the remaining $5 million was previously paid to
Oclaro on September 12, 2013 as an option to purchase the Business. II-VI and
Oclaro have entered into certain transition service and manufacturing service
agreements to allow the Business to continue operations during the ownership
transition. The Business will be included in the Company's Active Optical
Products segment for financial reporting purposes.
About II-VI Incorporated
II-VI Incorporated, a global leader in engineered materials and
opto-electronic components, is a vertically-integrated manufacturing company
that creates and markets products for diversified markets including industrial
manufacturing, optical communications, military and aerospace, high-power
electronics, semiconductor laser and thermoelectronics applications.
Headquartered in Saxonburg, Pennsylvania, with manufacturing, sales, and
distribution facilities worldwide, the Company produces numerous crystalline
compounds including zinc selenide for infrared laser optics, silicon carbide
for high-power electronic and microwave applications, and bismuth telluride
for thermoelectric coolers.
In the Company's infrared optics business, II-VI Infrared manufactures optical
and opto-electronic components for industrial laser and thermal imaging
systems and HIGHYAG Lasertechnologie GmbH (HIGHYAG) manufactures
fiber-delivered beam delivery systems and processing tools for industrial
In the Company's near-infrared optics business, Photop Technologies, Inc.
(Photop) manufactures crystal materials, optics, microchip lasers and
opto-electronic modules for use in optical communication networks and other
diverse consumer and commercial applications. Photop Aegis, Inc. (Aegis)
manufactures tunable optical devices required for high speed optical networks
that provide the bandwidth expansion necessary for increasing internet
traffic. Through its Australian subsidiary, Photop AOFR Pty Limited, Aegis
also manufactures fused fiber components, including those required for fiber
lasers for material processing applications, as well as optical couplers used
primarily in the optical communication industry.
In the Company's military & materials business, LightWorks Optical Systems,
Inc. (formerly Exotic Electro-Optics and LightWorks Optics, Inc.) manufactures
products for military applications and precision optical systems, and
components for defense, aerospace, industrial and life science applications.
Pacific Rare Specialty Metals & Chemicals (PRM) produces and refines a rare
earth element and selenium, Max Levy Autograph, Inc. (MLA) manufactures
micro-fine conductive mesh patterns for optical, mechanical and ceramic
components for applications such as circuitry, metrology standards, targeting
calibration and suppression of electro-magnetic interference. VLOC
manufactures near-infrared and visible light products for military
applications and laser gain materials and products for solid-state YAG and YLF
In the Company's advanced products group, the Wide Bandgap Materials (WBG)
group manufactures and markets single crystal silicon carbide substrates for
use in the solid-state lighting, wireless infrastructure, RF electronics and
power switching industries. Marlow Industries, Inc. (Marlow) designs and
manufactures thermoelectric cooling and power generation solutions for use in
defense, space, photonics, telecommunications, medical, consumer and
industrial markets. Worldwide Materials Group (WMG) provides expertise in
materials development, process development and manufacturing scale up. M Cubed
Technologies, Inc. (M Cubed) develops and markets advanced composite materials
serving the semiconductor, display, industrial and defense markets.
In the Company's active optical products business, II-VI Laser Enterprise GmbH
is an industry-leading manufacturer of high-power semiconductor laser
components enabling fiber and direct diode laser systems for material
processing, medical, consumer and printing applications. In addition, II-VI
Laser Enterprise manufactures pump lasers for optical amplifiers for both
terrestrial and submarine applications and vertical cavity surface emitting
lasers (VCSELS) for optical navigation, optical interconnects and optical
sensing applications. II-VI Network Solutions Division is an industry leading
manufacturer of customized solutions providing customers with end-to-end
design and manufacturing support to enable rapid realization of
customer-specific amplification and micro-optics solutions.
CONTACT: II-VI Incorporated
Craig A. Creaturo, Chief Financial Officer and Treasurer
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