October 11, 2013—Troubled tier-1 optical communications component provider Oclaro (San Jose, Calif., U.S.A.) signed an agreement on 10 October to sell its Switzerland-based Amplifier and Micro-Optics business to II-VI Inc. (Pittsburgh, Penn., U.S.A.) for $88.6 million. Less than a month ago, II-VI purchased Oclaro’s Zurich-based gallium-arsenide laser diode business for $115 million and declared interest in acquiring the Amplifier and Micro-Optics business of Oclaro by purchasing a $5 million exclusive 30-day option, which was credited toward the purchase price. The sale will close on or about 1 November, at which time II-VI will pay Oclaro $79.6 million. The company will pay Oclaro another $4 million on 31 December 2014. Oclaro’s business will become part of II-VI’s Optical Products Segment.
Oclaro also announced the resignation of chief financial officer, Jerry Turin, on 8 November 2013 to pursue other opportunities after 8 years at the company.