March 2, 2004 Sunnyvale, CA-- Finisar Corporation and Honeywell International Inc. announced today that Finisar has completed the acquisition of Honeywell's VCSEL Optical Products business, based in Richardson, Texas, for approximately $75 million in cash. The parties had previously announced the signing of an agreement for the acquisition on January 26, 2004.
The VCSEL Optical Products business manufactures vertical-cavity surface-emitting lasers (VCSELs), primarily used in high-speed fiber-optic data communications and position sensing applications. VCSELs are cost-effective optical components that deliver coherent light with high efficiency and can be modulated at high speeds. Finisar provides fiber-optic subsystems and network performance test systems that enable high-speed data communications for networking and storage applications.
Finisar announced that, going forward, the VCSEL Optical Products business would be known as the Advanced Optical Components division of Finisar and would operate as an autonomous business unit. Finisar will recognize the financial results of the acquisition in the last quarter of its fiscal year ending April 30, 2004. The VCSEL Optical Products business generated approximately $36 million in revenues during 2003, including approximately $9 million from components supplied to Finisar. Finisar management will discuss the impact of this acquisition in the context of their outlook for the fourth quarter ending April 30, 2004 and fiscal 2005 at the regular quarterly conference call scheduled for March 2, 2004, after the close of market.