Oclaro agreed to sell its Amplifier and Micro-Optics business (the Business) to II-VI Incorporated for $88.6 million.
The deal includes intellectual property, inventory and equipment. II-VI will also hire approximately 145 employees of Oclaro, primarily located in Horseheads, NY, San Jose, CA and Shanghai, China. Revenues for the Business were approximately $94 million for the fiscal year ended June 29, 2013.
"The sale of our amplifier business to II-VI is another important milestone in Oclaro's reinvention and return to financial stability," said Greg Dougherty, Oclaro CEO. "This transaction is another validation of the value of our technology, intellectual property and, most importantly, our people. The infusion of cash from our recent transactions with II-VI are critical catalysts to further our restructuring and turnaround plans."
Separately, Oclaro announced that its chief financial officer, Jerry Turin, plans to resign from Oclaro on November 8, 2013, to pursue other opportunities. The company expects to name Mr. Turin's successor on or before November 8.