Schott increasing stake in U.L.M. Photonics and restructuring Schott Optovance Inc.
October 2, 2002--Schott has announced that it will increase its stake in the university spin-off U.L.M. Photonics GmbH and plans to sell, spin-out, or close Schott Optivance Inc. by the end of the year.
October 2, 2002--Schott is increasing its stake in the university spin-off U.L.M. Photonics GmbH (Ulm, Germany) to 52 percent, thereby acquiring majority ownership. After two years in operation, U.L.M. Photonics has built and developed one of the most respected research, design, and manufacturing facilities for Vertical Cavity Surface Emitting Lasers (VCSELs). VCSELs will continue to replace traditional lasers in applications such as medical devices, printing, sensors, and data communications.
Schott's investment comes despite the worldwide downturn in the telecommunications market, contends Dr. Karl-Peter Merz, member of the Corporate Management Committee of Schott Glass and chairman of the Board of Directors of Schott Optovance. "We are pursuing attractive opportunities to apply U.L.M.'s leading VCSEL technology in applications inside, as well as outside, the telecom and datacom markets," he says.
Due to current market conditions, Schott is restructuring Schott Optovance Inc., located in Southbridge, MA. Despite its success in high-density, fiber management components for parallel optical interconnects and high-density planar optical components, Schott Optovance will be sold, spun-in, or closed by the end of the year. Supply of products to its approximately 20 customers, most of them established leaders in optical equipment and subsystems, will be assured during the restructuring.
"We are facing the realities of today's telecommunications markets," admits Mertz. "Although Schott Optovance has developed a unique and strong technology basis and became the leader in its respective sector, we are not able to forecast when a sustained turnaround of the telecommunications markets will take effect."
For more information about Schott Corp. (Yonkers, NY), visit the company's Web site at www.schott.com.