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II-VI (IIVI) To Buy Thin Film Filter Business, Interleaver Product Line From Oclaro (OCLR)

 November 26, 2012 07:55 AM
 


(By Balaseshan) II-VI Inc. (NASDAQ: IIVI) said it has agreed to buy the thin film filter business and interleaver product line from Oclaro Inc. (NASDAQ: OCLR) for $27 million in cash.

For the quarter ending December 31, 2012 and for the fiscal year ending June 30, 2013, II-VI does not expect this acquisition to have a material impact on previously issued guidance for revenues and earnings per share.

The thin film filter business and interleaver product line will report within II-VI's Photop Technologies Inc. business unit and will be included in the company's Near-Infrared Optics operating segment for financial reporting purposes.

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"This acquisition will enhance Photop's core business while expanding their global footprint and diversification into the growing life sciences market. We look forward to the world class team at Santa Rosa becoming a part of II-VI," said Francis Kramer, president and CEO of II-VI.

Oclaro will sell the assets of its Santa Rosa thin film filter business to II-VI subsidiary Photop Technologies Inc. and its interleaver product line to II-VI unit Photop Koncent Inc.

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 these product lines is expected to reduce revenues for the fiscal quarter ended December 29, 2012 by about $2 million compared to the guidance range issued by Oclaro in connection with its earnings announcement on November 5, 2012. Revenues for these product lines in the full fiscal quarter ended September 29, 2012 were $3.6 million.

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OCLR closed Friday's session up 0.61% at $1.66, while IIVI ended at $16.01.

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