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Vitesse to sell optical systems assets to Avanex

Posted: 26 Aug 2003 ?? ?Print Version ?Bookmark and Share

Keywords:vitesse semiconductor? avanex? optical system? fiber-optic?

Vitesse Semiconductor Corp. has entered into a transaction to sell certain assets of its optical systems division located in San Jose, California, to Avanex Corp., a company specializing in photonic processing subsystem and module solutions for telecommunications networks.

Under the terms of the agreement, Avanex will acquire these assets for about 1.24 million shares of Avanex common stock. As part of this transaction, the two companies have committed to working together on the development of new products for the optical transponder market. Avanex has also agreed to buy up to $2 million in products from Vitesse over the next three years.

Walter Alessandrini, chairman, president and CEO of Avanex, noted, "The acquisition of this business will enhance our presence in transponders and expand our customer traction in subsystem products. Avanex will have a competitive cost structure by leveraging the world-class component capabilities we acquired this year from Alcatel and Corning. In addition, through our future relationship with Vitesse, we believe that Avanex will have a significant advantage in developing intelligent solutions that integrate optics, electronics, firmware and software."

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