SAN JOSE, Calif. and ZHUHAI,
China, Dec.
2, 2019 /PRNewswire/ -- Lumentum Holdings Inc.
("Lumentum"), a leading provider of photonics products for optical
networking and lasers for industrial and consumer markets, and
Advanced Fiber Resources (Zhuhai) Ltd. ("AFR"), a leading
provider of passive optical components, today announced they have
entered into an agreement whereby AFR will acquire the assets
associated with certain Lithium Niobate based optical component
product lines from Lumentum that are developed and manufactured by
Lumentum's San Donato, Italy
site.
"This transaction is a good outcome for all stakeholders as
Lumentum's telecom transmission product strategy is now focused on
Indium Phosphide photonic integrated circuit based components and
modules and we planned to ramp down Lithium Niobate operations in
San Donato," said Beck Mason, Lumentum's Senior Vice President and
General Manager, Telecom Transmission.
"With this acquisition, AFR is excited to expand its market
opportunities and capabilities to include Lithium Niobate based
products for the communications and sensing markets," said X.L.
Wang, AFR's Chairman and Chief Executive Officer. "We believe with
our strengths in cost-effective high-volume manufacturing we are
well positioned to address customer needs for Lithium Niobate
products in our addressable markets."
The transaction is subject to certain customary closing
conditions for a transaction of this type and is expected to close
early in Lumentum's third quarter of fiscal year 2020. The product
lines in the proposed transaction are part of the discontinued
Telecom and Datacom product lines that Lumentum previously
discussed on its first quarter fiscal year 2020 earnings call on
October 31, 2019.
About Lumentum
Lumentum (NASDAQ: LITE) is a market-leading designer and
manufacturer of innovative optical and photonic products enabling
optical networking and laser applications worldwide. Lumentum's
optical components and subsystems are part of virtually every type
of telecom, enterprise, and data center network. Lumentum's lasers
enable advanced manufacturing techniques and diverse applications
including next-generation 3D sensing capabilities. Lumentum is
headquartered in Milpitas,
California with R&D, manufacturing, and sales offices
worldwide. For more information, visit www.lumentum.com.
About Advanced Fiber Resources (AFR)
Incorporated in 2000, AFR (SZSE: 300620) is a leading provider
of passive optical components, mainly designed for industrial
laser, telecom, data center, fiber sensing, biomedical and academic
research fields. Today, AFR has more than 1,000 employees and
manufactures advanced and cost-effective products through our
360,000 sq-ft facilities in Zhuhai and Shenzhen, and has been widely recognized by
customers worldwide for its superior quality in high power and
polarization maintaining components.
Cautionary Note Regarding Forward-Looking Statements
This communication contains 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. Forward-looking
statements generally relate to future events or our future
financial or operating performance. In some cases, you can identify
forward-looking statements because they contain words such as
"may," "will," "should," "expects," "plans," "anticipates,"
"could," "intends," "target," "projects," "contemplates,"
"believes," "estimates," "predicts," "potential" or "continue" or
the negative of these words or other similar terms or expressions
that concern Lumentum's expectations, strategy, plans or
intentions, in particular, statements regarding the expected market
opportunity, the expected benefits of the proposed transaction, the
proposed closing date of the transaction and Lumentum's guidance
for the second fiscal quarter of 2020, including the effect of the
proposed transaction on guidance. Lumentum's expectations and
beliefs regarding these matters may not materialize, and actual
results in future periods are subject to risks and uncertainties
that could cause actual results to differ materially from those
projected.
The forward-looking statements contained in this communication
are also subject to other risks and uncertainties, including the
risks related to our ability to complete the transaction, the
development of markets as we expect and other important factors
that could cause the results of the transaction to differ
materially, as well as those risks more fully described in our
filings with the Securities and Exchange Commission ("SEC"),
including our Annual Report on Form 10-K for the year ended
June 29, 2019 and our Quarterly
Report on Form 10-Q for the fiscal quarter ended September 28, 2019. The forward-looking
statements in this press release are based on information available
to Lumentum as of the date hereof, and Lumentum disclaims any
obligation to update any forward-looking statements, except as
required by law.
Contact
|
|
Investors:
|
Jim Fanucchi,
408-404-5400; investor.relations@lumentum.com
|
Media:
|
Sean Ogarrio,
408-546-5405; media@lumentum.com
|
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SOURCE Lumentum