EMCORE Completes Sale of Non-Strategic Product Lines to Photonics Foundries, Inc.
12 Outubro 2023 - 9:30AM
EMCORE Corporation (Nasdaq: EMKR), the world’s largest independent
provider of inertial navigation solutions to the aerospace and
defense industry, announced today the completion of the sale of
Broadband segment product lines and its Defense Optoelectronics
products to Ortel LLC, a wholly-owned subsidiary of Photonics
Foundries, Inc. 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.”
Nat Mani, CEO and Managing Partner of Photonics Foundries, Inc.
stated, “We’re very excited to acquire EMCORE’s Broadband and
Defense Optoelectronics business units. The team is incredibly
pleased about the relaunch of the Ortel brand and the opportunity
to continue its market-leading reputation as a premier optical
technology leader in linear optics, RF over fiber, narrow bandwidth
lasers, and complex sensing applications. We look forward to
providing customers with supply continuity and further innovation
with a seamless transition of both people and technology for many
years to come.”
As a result of the transaction, EMCORE expects its last-time-buy
revenues to aggregate approximately $7 million, of which $1.3
million was recognized as revenue through June 30, 2023, and the
majority of which relates to the Company’s chip business. The
portion of the remaining projected last-time buys that were
previously announced by EMCORE on May 24, 2023, were transferred to
the buyer in connection with the transaction.
For further details of the transaction please reference EMCORE’s
Form 8-K filed October 12, 2023.
About EMCORE EMCORE Corporation is a leading
provider of inertial navigation products for the aerospace and
defense markets. We leverage industry-leading Photonic Integrated
Chip (PIC), Quartz MEMS, and Lithium Niobate chip-level technology
to deliver state-of-the-art component and system-level products
across our end-market applications. EMCORE has
vertically-integrated manufacturing capability at its facilities in
Alhambra, CA, Budd Lake, NJ, Concord, CA, and Tinley Park, IL. Our
manufacturing facilities all maintain ISO 9001 quality management
certification, and we are AS9100 aerospace quality certified at our
facilities in Alhambra, Budd Lake, and Concord. For further
information about EMCORE, please visit https://www.emcore.com.
Forward-looking statements:The information
provided herein may include forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, as amended. Such
statements include statements regarding EMCORE's plans, strategies,
goals and business prospects; the terms and conditions of the
transaction; the anticipated benefits to EMCORE of the transaction;
and EMCORE’s updated expected revenue pursuant to last-time-buys.
These forward-looking statements are based on management's current
expectations, estimates, forecasts, and projections about EMCORE
and are subject to risks and uncertainties that could cause actual
results and events to differ materially from those stated in the
forward-looking statements, including without limitation, the
following: (a) the risks related to the sale of the Broadband and
Defense Optoelectronics business lines, including without
limitation the failure to achieve or fully realize the anticipated
benefits of the transaction, third-party costs incurred by us
related to the transaction, and risks associated with any
liabilities related to the transaction or assets or business
retained by us in the transaction; (b) any disruptions to our
operations as a result of the transaction and/or other
restructuring activities; (c) risks related to costs and expenses
incurred in connection with restructuring activities and
anticipated operational costs savings arising from the
restructuring actions; (d) risks related to the loss of personnel;
(e) risks related to customer and vendor relationships and
contractual obligations with respect to the transaction and/or the
shutdown of the Company’s chip business; (f) risks and
uncertainties related to the Company’s current expectations with
respect to potential revenues arising from last-time buys for sales
under the Company’s chip business; (g) risks related to the closing
of the Company’s manufacturing support and engineering center in
China; (h) actions by competitors; (i) risks and uncertainties
related to applicable laws and regulations; and (j) other risks and
uncertainties discussed under Item 1A - Risk Factors in our Annual
Report on Form 10-K for the fiscal year ended September 30, 2022,
as updated by our subsequent periodic reports. Forward-looking
statements contained in this press release are made only as of the
date hereof, and EMCORE undertakes no obligation to update or
revise the forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by law
or regulation.
Investor Contact:
EMCORE CorporationTom MinichielloChief
Financial Officer(626) 293-3400investor@emcore.com
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