News Releases
Expanded portfolio includes solid-state lasers for biotech, materials processing, and semiconductor market segments
San Jose, California -March 21, 2005 - JDS Uniphase Corporation (NASDAQ: JDSU and TSX: JDU) today announced a definitive agreement to acquire Lightwave Electronics Corporation, a leading provider of solid-state lasers for commercial markets including materials processing, semiconductor fabrication, and biotech as part of its strategy to expand its product line of solid-state lasers and broaden its customer base in growing laser markets.
Under the terms of the agreement, JDS Uniphase will acquire Lightwave in an all cash transaction for $65 million. Founded in 1984, Lightwave is privately held with about 120 employees and is headquartered in Mountain View, California. The acquisition, subject to customary closing conditions, is expected to be completed in the second calendar quarter of this year.
"This acquisition reinforces our commitment to the OEM laser business and is in line with our strategy to invest in profitable, growing markets," said Hoss Christensen, vice president of JDS Uniphase's Lasers, Optics and Display Product Group. "Lightwave brings outstanding technical capabilities, complementary product lines, and a track record of profitability and strong execution - they will be a great addition to the JDS Uniphase team."
Lightwave is a market leader in mid- and high-power solid-state lasers operating in a broad range of wavelengths. These products are typically integrated into larger application-specific solutions by Lightwave's customers.
"The customer demand for high performance, precision lasers is driving our growth," said Phillip Meredith, president and chief executive officer of Lightwave Electronics. "The combination of Lightwave's product portfolio and technology with JDS Uniphase's broad range of commercial lasers, strong optical base, industry-leading manufacturing capabilities and financial strength positions us well to provide exceptional market responsiveness."
JDS Uniphase's current laser offering includes laser diodes, low-power solid-state lasers, high-power fiber lasers, and argon-ion and helium-neon gas lasers. With this acquisition, JDS Uniphase significantly strengthens its portfolio in the higher-growth solid-state laser markets and expands its presence with materials processing, semiconductor, and biotechnology customers for applications such as PC board via-hole drilling, wafer singulation for solar cells and LEDs, wafer inspection and alignment, memory repair, and ultraviolet flow cytometry and confocal microscopy.
About JDS Uniphase
JDS Uniphase Corporation, a worldwide leader in optical technology, designs and manufactures products for fiberoptic communications, as well as for markets where its core optics technologies provide innovative solutions for industrial, commercial and consumer applications. The Company's fiberoptic components and modules are deployed by system manufacturers for the data communications, telecommunications and cable television industries. The Company also offers products for display, security, biotech, semiconductor equipment, medical/environmental instrumentation, decorative, aerospace and defense applications. More information is available at www.jdsu.com.
The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Such forward-looking statements include, but are not limited to (i) the expected benefits of the acquisition, including, without limitation, expected cost savings, product sales, customer and applications enhancement, economies of scale and new products or technologies, and (ii) expectations regarding the growth of the lasers industry. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. Risks and uncertainties that could cause actual results to differ materially from such forward-looking statements include, but are not limited to, the risks that (a) the timing or likelihood of closing, (b) the acquired business will not be effectively integrated, that such integration may be more costly or time-consuming than expected, or the acquired business may not achieve expected financial results or otherwise perform as expected, (c) the products and technology of the acquired business may not perform as expected, or may not be accepted or purchased by our customers, (d) expected customer demand for products of the acquired business may be unfounded, (e) solid-state lasers unit sales volumes may not increase or may decline, (f) the acquisition may not lead to greater operational efficiencies, reductions in cost, enhanced market responsiveness or greater economies of scale, and (g) those risks discussed from time to time in reports filed by JDS Uniphase Corporation with the Securities and Exchange Commission. The forward-looking statements contained in this news release are made as of the date hereof and JDS Uniphase Corporation assumes no obligation to update the reasons why actual results could differ materially from those projected in the forward-looking statements.
General Inquiries: Contact your JDS Uniphase Representative or call 800-498-5378 in North America or + 800-5378-5378 outside of North America.
Media: Gerald Gottheil, Corporate Communications, 408-546-4400 or gerald.gottheil@jdsu.com
Investors:Jacquie Ross, Investor Relations, 408-546-4445, jacquie.ross@jdsu.com
