May 23, 2005 San Jose, CA -- JDS Uniphase (JDSU) has agreed to sell its 912,000 square foot facility in Ottawa, Canada, to construction and management company Minto Developments. The transaction, expected to close in the current fiscal quarter, includes a lease back option to JDSU for up to 18 months, or a minimum of 12 months. At the buyer's request, the financial terms are not being disclosed.
"The Subsystems Product Group at our Ottawa facility develops our company's most highly integrated communications products," remarks Kevin Kennedy, president and CEO of JDSU. "The sale of the property is a positive step in our transformation strategy for right-sizing the assets of our company. Terms of the sale provide us with a comfortable 18 months in which to ensure an appropriate long term location in the Ottawa area for our local team."
JDSU designs and manufactures components, modules, and subsystems for markets where its core optics technologies provide platforms for communications, commercial, and consumer applications.