JDSU Split Set for Aug. 1

JDSU's (NASDAQ:JDSU) split into two separate companies is set to be completed Aug. 1. The company's Communications and Commercial Optical Products business segment will be split off and named Lumentum Holdings (NASDAQ:LITE), while the remaining portion of JDSU will be renamed Viavi Solutions (NASDAQ:VIAV).

"By operating as two independent companies, we believe Lumentum and Viavi Solutions will each be able to leverage a strong history while being more flexible and better positioned to capitalize on new opportunities in their respective markets," said Tom Waechter, president and chief executive officer of JDSU, and CEO-designate for Viavi Solutions. "We look forward to completing the final steps in this process and launching exciting, new chapters for Lumentum and Viavi Solutions."

For every five shares of JDSU common stock held, JDSU shareholders will receive one share of Lumentum common stock. Shareholders will receive cash in lieu of fractional shares.