Oclaro, Inc. (NASDAQ:OCLR)’s Switzerland GmbH subsidiary sold to II-VI Incorporated


Dallas, Texas 09/13/2013 (Financialstrend) – Oclaro, Inc. (NASDAQ:OCLR) has announced the sale of the company’s Oclaro Switzerland GmbH subsidiary as well as the associated laser-diodes business to II-VI Incorporated in a $115 million transaction. In addition to this, II-VI has acquired an exclusive option of buying OCLR’s optical-amplifier and micro-optics business for an amount of $88M in cash.

OCLR’s Chief Executive Officer, Greg Dougherty said that the sale of the company’s Gallium Arsenide laser-diode business is a major first step in the company’s plan of restructuring the company. He said that this business that is based in Zurich and the team with a rich legacy is an extremely valuable asset for the company and that they wish II-VI and the company’s team future success.

The proceeds

He added that the proceeds of this sale will be utilized in repaying the company’s bridge-financing completely and also to commence on its restructuring plans for the future. He said that their intention is to simplify their operating-footprint, focus on Research and Development and reduce the company’s cost structure in the capital-market where they will be able to leverage the company’s core-competencies effectively.

Thursday trading

In Thursday’s trading session, OCLR stock rose by 37.74%. The opening price of the company’s shares was $1.38 which rose to an intraday high of $1.59 and closed at $1.46. More than 15.18 million shares were traded on Thursday. The average-volume of OCLR shares traded over a period of 30 days was 0.760 million. The company has a market capitalization of $135.26 million.

The company

OCLR is a leading provider of optical-components, subsystems and modules for the optical-communications market. It is an international leader that is dedicated to the innovation of photonics. It uses cutting-edge R&D and chip-fabrication facilities in the U.S., Italy, U.K., Japan and Korea. It has in-house as well as contract-manufacturing sites in Malaysia, China and Thailand.

Subscribe to get your free report!

* indicates required
*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.