II-VI Acquires Oclaro Switzerland-Based Semiconductor Laser Business for $115M
II-VI Incorporated (Nasdaq: IIVI) announced today that it has acquired the Zurich, Switzerland-based semiconductor laser business (the "Business") of Oclaro, Inc. (NASDAQ: OCLR) in a transaction valued at $115 million.
The acquisition provides II-VI with semiconductor laser technology used in industry-leading laser system products including fiber lasers and direct diode lasers for material processing, medical, consumer and fiber optic communication applications. The gallium arsenide semiconductor laser business was originated by IBM Zurich and was integrated with the gallium arsenide semiconductor laser assets in Tucson, Arizona acquired from Newport Spectra-Physics in 2009. II-VI will operate the Business as II-VI Laser Enterprise GmbH.
Francis J. Kramer, president and chief executive officer of II-VI Incorporated, stated "We are very pleased to complement II-VI's broad and differentiated portfolio of engineered materials with a world-class semiconductor laser platform enabling high-performance and high-reliability laser chips and modules addressing several growing markets. This acquisition is an integral part of II-VI's overall strategy, which is centered on a broad participation in laser systems across multiple applications. We will include the Business in a new operating segment."
Kramer continued, "Our new Zurich-based operation has a rich history of technological innovation in the laser industry. We expect to