II-VI Inc. has acquired the fiber amplifier and micro-optics business of Oclaro Inc., in a transaction valued at $88.6 million. At closing, II-VI paid $79.6 million in cash to Oclaro, $4 million of cash is subject to hold back until Dec. 31, 2014, and the remaining $5 million was previously paid to Oclaro on Sept. 12, 2013 as an option to purchase the business. II-VI and Oclaro have entered into certain transition service and manufacturing service agreements to allow the business to continue operations during the ownership transition.

II-VI Inc. is a manufacturing company that creates and markets products for diversified markets including industrial manufacturing, optical communications, military and aerospace, high-power electronics, semiconductor laser, and thermoelectronics applications. Headquartered in Saxonburg, Pa., with manufacturing, sales, and distribution facilities worldwide, the company produces numerous crystalline compounds including zinc selenide for infrared laser optics, silicon carbide for high-power electronic and microwave applications, and bismuth telluride for thermoelectric coolers.

Release Date: November 1, 2013
Source: GlobeNewswire