Oclaro has today (June 3rd) announced that it has signed a definitive agreement with the Newport Corporation to exchange strategic assets.
Under the deal, Newport will acquire the New Focus business of Oclaro's advanced photonics solutions division and in return Oclaro will receive Newport's Spectra Physics high power laser diodes business and $3 million (£1.8 million) in cash proceeds.
Alain Couder, president and chief executive officer of Oclaro, said the move is part of the company's plans to expand its leadership position in selected markets and accelerate the pace of photonics innovation.
"The high power laser diodes business is ideally aligned with Oclaro's business model, corporate growth strategy and core competencies," he commented.
"With Oclaro as our trusted partner, Newport can focus on its own core competencies as a laser systems supplier," added Dave Allen, vice-president and general manager of Newport's Spectra Physics Laser Division.
Oclaro's New Focus photoreceiver recently underpinned an award-winning cancer detection system developed by scientists at Japan's Kitasato University.