Read-Rite launches Scion, fibre optics
biz.yahoo.com
Wednesday September 6, 10:37 pm Eastern Time
Read-Rite launches Scion, a new fibre optics company
FREMONT, California, Sept 6 (Reuters) - Read-Rite Corp (NasdaqNM:RDRT - news) said late on Wednesday it has formed a new fibre optics company, Scion Photonics Inc, with $25 million in initial funding from Tyco Ventures and Integral Capital Partners.
Read-Rite also said it was in discussions with several other interested parties for more technology and capital investments into Scion.
Scion's business charter is ``to design, manufacture and market high-performance optical components to the fibre optics communications market,'' Read-Rite said in a statement.
Scion will act as a separate company, but will have access to Read-Rite's resources and manufacturing infrastructure, Read-Rite chairman Cyril Yansouni said in a statement.
Read-Rite is contributing its Milpitas, California wafer fabrication plant, technical and management resources and its knowledge and experience in thin-film technology and materials science to Scion, which will be based in Milpitas.
Tyco Ventures, the venture capital unit of Tyco International Ltd. (NYSE:TYC - news), invested $15 million in Scion and also invested $15 million in Read-Rite through a private placement with the company, Tyco Ventures president Richard Kashnow said in a statement. |
