JDS FITEL Announces the Completion of
Akzo Nobel Photonics Transaction''
NEPEAN, ON, January 15 /CNW/ - (TSE:JDS) - JDS FITEL Inc. announced today the completion of the previously announced acquisition of the assets of the Akzo Nobel Photonics business unit from Akzo Nobel Business Developments B.V., a wholly owned subsidiary of Akzo Nobel N.V.
On November 24, 1998, JDS FITEL announced it had entered into an agreement to acquire the assets of Akzo Nobel Photonics for an initial cash purchase price of approximately $19 million plus a maximum aggregate earn-out of $6 million to be paid, based on financial performance, beginning in the third fiscal year after the close of the acquisition. In conjunction with the acquisition, JDS FITEL also announced that it had entered into a strategic alliance with AlliedSignal Inc. to further enhance the exploitation of the technology purchased from Akzo Nobel.
Akzo Nobel Photonics is a world leader in waveguide technology for optical switching. Using a proprietary waveguide technology based on highly specialized optical polymers, the company has developed robust, compact and fast optical switches which contain no moving parts. Optical switches are a key component for a variety of optical networking applications such as configurable add/drop multiplexers for dense wavelength division multiplexing (DWDM) systems, optical cross-connects, and protection switching. The Akzo Nobel Photonics product line includes 1x2, 2x2, 1x4 and 1x8 optical switches, as well as array configurations of 1x2 and 2x2 switches.
Akzo, Nobel N.V., based in the Netherlands, serves customers throughout the world with healthcare products, coatings, chemicals and fibers. The company currently employs some 87,500 people in more than 60 countries. Consolidated sales for 1997 totaled NLG 24.1 billion (USD 12 billion).
JDS FITEL is a Canadian high technology company that manufactures and distributes a broad range of products for the growing fiberoptic communications market. The Company executes its business strategy through its advanced design capabilities, proprietary manufacturing tools and processes and, in particular, its early participation in advancing market and technology trends.
JDS FITEL's common shares are listed on The Toronto Stock Exchange under the symbol JDS. More information on JDS FITEL is available at jdsfitel.com |
