Oclaro to Sell Thin Film Filter Business and Interleaver Product Line to II-VI Subsidiary
Oclaro (NASDAQ: OCLR), a tier-one provider and innovator of optical communications and laser solutions, today announced that it has signed a definitive agreement to sell the assets of its Santa Rosa thin film filter business to Photop Technologies, Inc., a wholly-owned subsidiary of II-VI Incorporated (NASDAQ: IIVI), a global leader in engineered materials and opto-electronic components. Pursuant to the agreement, Oclaro will also sell its interleaver product line to Photop Koncent, Inc. (FuZhou), a wholly owned subsidiary of II-VI. Both transactions are expected to close December 3, 2012.
Total consideration to Oclaro for these transactions will be in the form of cash proceeds of $27 million, with $23 million to be paid upon closing, $3 million payable on or before December 28, 2012 and $1 million to be held in escrow until December 31, 2013.
"Divesting our thin film filter business and the interleaver product line is consistent with our strategy to focus our resources on our core competencies," said Alain Couder, chairman and CEO of Oclaro. "The proceeds from these deals improve our balance sheet and give us additional operating flexibility to serve