Info
Info

Luna Announces Sale Of Optoelectronic Solutions

News

Luna Innovations, an advanced optical technology, has announced it has closed on the divestiture of its Optoelectronic Solutions (OPTO) business to OSI Optoelectronics, Inc. a subsidiary of OSI Systems, Inc. for up to $18.5 million. OSI Systems, Inc. is a vertically integrated designer and manufacturer of specialized electronic systems and components for critical applications in the homeland security, healthcare, defense, and aerospace industries.

"Leveraging our industry-leading, proprietary fiber optics platform will allow us to better serve our customers and to generate long-term growth for our investors and employees. This divestiture is another important step in ensuring we have a robust and flexible balance sheet and a portfolio of complementary, scalable businesses."

"The addition of Luna's Optoelectronic Solutions business is well aligned with our focus on expanding and enhancing our product portfolios," said Manoocher Mansouri, OSI Optoelectronics' President. "As a leader in this area, this acquisition is expected to be a complementary addition with its highly regarded, customized solutions."

Transaction details and financial reporting

Originally acquired in 2015 as part of its merger with Advanced Photonix, Inc. (API), Luna's OPTO division designs and manufactures fully integrated photonic solutions employed across a wide range of industries. The division reported revenue of $13.1 million for the year ended December 31, 2017.

As part of the transaction, employees associated with the OPTO division located in Camarillo, CA and Montreal, Quebec, are expected to transfer to OSI. Luna plans to use transaction proceeds to invest in its core fiber optic based test and measurement platform, consistent with the key focus of its long term strategy.

Luna was advised by B. Riley FBR and Woods Rogers PLC.



PIC International 26-27 March 2019, Sheraton Airport Hotel, Brussels

Sales of PICs are soaring, with their deployment helping to boost the capacity of networks and data centres. To aid this industry, we help strengthen the relationships between the makers and the users of these integrated circuits by organising the 4th PIC International, a global conference dedicated to this industry.

Attendees to the conference will hear from industry-leading insiders delivering more than 30 presentations spanning five sectors. The conference will equip delegates with an up-to-date overview of the status of the PIC industry, and provide them with many opportunities to meet other key players within the community.

Places will be limited, so register your place today: https://picinternational.net

Info
×
Search the news archive

To close this popup you can press escape or click the close icon.
Logo
×
Logo
×
Register - Step 1

You may choose to subscribe to the PIC Magazine, the PIC Newsletter, or both. You may also request additional information if required, before submitting your application.


Please subscribe me to:

 

You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in:
 
X
Info
X
Info