Oclaro (OCLR) Completes Thin Film Business Sale; Receives Initial $23M Payment

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Oclaro (NASDAQ: OCLR) nnounced that it has completed the sale of 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. As part of the agreement, Oclaro also sold its interleaver product line to Photop Koncent, Inc. (FuZhou), a wholly owned subsidiary of II-VI. The transactions were completed on December 3, 2012.

Initial proceeds of $23 million were received on December 3, 2012. Total consideration to Oclaro for these transactions will be in the form of cash proceeds of $27 million, including the $23 million received on December 3, 2012, plus $3 million payable on or before December 28, 2012, and $1 million to be held in escrow until December 31, 2013.

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