Enablence completes DuPont Photonics acquisition
AUGUST 1, 2008 -- Concurrent with the closing, DuPont Photonics' original parent company, E.I. du Pont de Nemours and Co., has invested $5 million in Enablence.
AUGUST 1, 2008 -- Enablence Technologies Inc. (search for Enablence) and its wholly owned subsidiary, Enablence Technologies USA Inc., have completed the acquisition of DuPont Photonics Technologies LLC (search for DuPont). Concurrent with the closing, DuPont Photonics' original parent company, E.I. du Pont de Nemours and Co., has invested $5 million in Enablence.
Enablence issued 6,847,638 common shares, at a price of $1.42 per share, as consideration for the acquisition of DuPont Photonics assets and the investment by DuPont, for a total value of $9.5 million. All shares issued are subject to the statutory 120 days hold-period.
Enablence believes its new assets will enable the company to deliver planar lightwave circuit (PLC)-based products such as integrated reconfigurable optical add/drop multiplexers (ROADMs); 1xN, MxN, and NxN switches; and variable optical attenuators. As a result, Enablence will expand its market and reach while strengthening its position as a provider of PLC-based products.
"The acquired intellectual property, facilities, and product lines are complementary to Enablence's current operations in its Optical Components and Subsystems Division. This acquisition will provide an immediate revenue stream and an opportunity to cross-sell these DuPont Photonics products to our worldwide customer base," explained Arvind Chhatbar, president and CEO of Enablence.
"Enablence was the best fit for the technology developed at DuPont Photonics given that Enablence is emerging as a leader in the PLC space. The acquisition will permit DuPont Photonics customers to be serviced by a company that has a proven track record of delivering advanced photonic components in access, metro, and long-haul communication markets," added Daminder Johar, general manager of Dupont Photonics.
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