Oclaro (OCLR) Closes Deal with Newport (NEWP) to Exchange Strategic Assets
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Oclaro, Inc. (Nasdaq: OCLR) today announced it has closed the transaction announced on June 3, 2009 with Newport Corporation (Nasdaq: NEWP) under which Newport has acquired the New Focus business of Oclaro's Advanced Photonics Solutions division in exchange for the Newport Spectra Physics high power laser diodes business. Oclaro has also received $3 million in cash proceeds which is expected to fund related transition and integration costs.
With this transaction, Oclaro believes it becomes the largest merchant supplier to the high power laser diodes market. The Newport transaction complements the #1 or #2 position in the long haul and metro markets that Oclaro has achieved as a result of the merger of Bookham and Avanex. Oclaro's leading presence in key markets helps insure its ability to invest in R&D and innovate for the future. The transaction also increases the utilization of Oclaro's wafer fabrication facilities, which is expected to benefit the gross margin performance of products within its metro and long haul business as well as in its high power laser diodes business.
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