COMPANY PRESS RELEASE: Finisar Corporation, a technology leader in gigabit fiber optic solutions for high-speed data and telecommunication networks, announced that it had completed the acquisition of privately held Transwave Fiber, Inc., on May 3, 2001. Finisar had previously announced its agreement to acquire Transwave on November 21, 2000.
Established in February 2000 in Fremont, California, Transwave Fiber has focused on the development of passive optical components for fiber optic networks. By combining core competencies in fusion couplers, crystal processing and instrumentation technologies with access to additional engineering and manufacturing operations at its subsidiary in Shanghai, China, Transwave has quickly introduced several passive optical products for datacom and telecom applications including fusion couplers for multiplexing and demultiplexing.
Finisar will recognize the financial results of the acquisition in the first fiscal quarter ending July 31, 2001. The transaction will be accounted for as a purchase and is intended to qualify as a tax-free reorganization. Under the terms of the agreement, Transwave was merged with a wholly-owned subsidiary of Finisar. Transwave is expected to relocate to a new facility in Hayward, CA.
The addition of Transwave to the Finisar family will have an immediate impact as we roll out our CWDM line of products for metropolitan networks, said Jerry Rawls, Finisar’s President and CEO. Transwave is already beginning to manufacture a number of key components for our CWDM solution. Their acquisition serves to underscore the importance of acquiring key technical competencies in order to speed the pace of innovation and get products to market more quickly.