Emcore completes sale of non-strategic product lines to Photonics Foundries

EMCORE announced the completion of the sale of Broadband segment product lines and its Defense Optoelectronics products to Ortel, a wholly-owned subsidiary of Photonics Foundries. The Broadband lines include the Company’s cable TV, wireless, and sensing products. The transaction excludes the Company’s Chips business, wafer fabrication facilities, and all assets not primarily related to the product lines that were sold. The signing and closing of the transaction with respect to all U.S. assets occurred simultaneously. Within 45 days following the closing of the transaction, the Company will transfer to the buyer all of the equity interests of each of the Company’s subsidiaries in Hong Kong and China. Jeffrey Rittichier, EMCORE’s President and CEO commented, “With the sale of the Broadband product lines, EMCORE has completed its transition into a pure-play supplier of inertial navigation solutions to the Aerospace and Defense industry. Photonics Foundries has purchased substantially all of the assets and liabilities that primarily relate to our Broadband products and we wish them great success going forward.” Rittichier went on to say, “We’d also like to announce that we completed production of last time orders for our Chips business on schedule and that we shut down our wafer fab operations. We are continuing to work with interested parties on a sale of wafer fab assets and the chip products business line.”