MILPITAS, Calif. and
SANTA CLARA, Calif., March 4,
2019 /PRNewswire/ -- Lumentum Holdings Inc. ("Lumentum"), a
leading provider of photonics products for optical networking and
lasers for industrial and consumer markets, and Cambridge
Industries USA, Inc., with its
holding company Cambridge Industries Group. ("CIG"), a leading
ODM/JDM/EMS supplier for the Information and Communication
Technology or ICT industry, today announced they have entered into
a strategic agreement and partnership whereby CIG will acquire
certain optical transceiver product lines from Lumentum and enter
into a long-term strategic supply agreement for Lumentum's photonic
chips. The transceiver product lines to be acquired by CIG are
developed and manufactured by Lumentum's subsidiary Oclaro Japan,
Inc.
"I am pleased to partner with CIG and leverage our respective
strengths to better address the market opportunity created by
the highly anticipated growth in high-speed datacom and
telecom client-side transceiver volumes driven by datacenter
expansion and 5G wireless over the coming years," said Walter Jankovic, Lumentum's Senior Vice
President and General Manager, Datacom. "This transaction enables
Lumentum to become more commercially focused on its differentiated
Indium Phosphide photonic chip capabilities and brings a new
customer that is well positioned to compete in the datacom
transceiver market."
"With this acquisition and on-going partnership with Lumentum
for supply of their industry leading photonic chips, together with
CIG's proven quality and volume JDM and ODM capabilities, CIG
expands its capabilities with industry leading optical transceiver
products and technology spanning the range of 10G, 25G to 400G
serving many long-standing Tier 1 customers," said Gerald Wong, CIG's President and CEO. "We
believe with the combination of CIG's strengths in cost effective
high-volume manufacturing, and Lumentum's optical transceiver team
in Japan with their decades of
experience in high performance datacom and telecom transmission, we
are well positioned to address customer needs in the datacom and
telecom client-side transceiver market."
The transaction is expected to close in the second calendar
quarter of 2019 and is subject to certain customary closing
conditions for a transaction of this type. The sale is not expected
to impact the guidance ranges provided on February 5, 2019 for Lumentum's third fiscal
quarter, ending March 30,
2019. Revenue attributable to the products to be sold in the
proposed transaction is approximately $20
million of the $50 million to
$55 million of datacom revenues
previously included in Lumentum's guidance for the third fiscal
quarter of 2019.
About Lumentum
Lumentum (NASDAQ: LITE) is a market-leading designer and
manufacturer of innovative optical and photonic products enabling
optical networking and laser applications
worldwide. Lumentum's optical components and subsystems are
part of virtually every type of telecom, enterprise, and data
center network. Lumentum's lasers enable advanced
manufacturing techniques and diverse applications including
next-generation 3D sensing capabilities. Lumentum is headquartered
in Milpitas, California with
R&D, manufacturing, and sales offices worldwide. For more
information, visit www.lumentum.com.
About Cambridge Industries Group (CIG)
Cambridge Industries Group (CIG), founded in 2005 and registered
in Delaware, is now a public
company (Shanghai SE: 603083) in Shanghai, China with major R&D and
Sales/Marketing presence in Silicon Valley, China and Japan and state-of-the-art manufacturing
facilities in China, Japan and Malaysia. CIG is an industry leading ODM / JDM
/ OEM company focusing on Wired Access, Wireless Access,
Carrier Ethernet, Home Networking, and Optical Modules markets. As
a part of its core business, CIG has a "two-engine drive" model,
which provides high quality R&D and manufacturing collaborative
services to the Information and Communication Technology or ICT
industry. This model results in competitive advantages in
technology leadership and innovation. Millions of CIG's products
have been deployed globally by our partners with some of the
largest service providers.
Additional information is available at http://www.cigtech.com/
Cautionary Note Regarding Forward-Looking Statements
This communication contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of
1934. Forward-looking statements generally relate to future
events or our future financial or operating performance. In some
cases, you can identify forward-looking statements because they
contain words such as "may," "will," "should," "expects," "plans,"
"anticipates," "could," "intends," "target," "projects,"
"contemplates," "believes," "estimates," "predicts," "potential" or
"continue" or the negative of these words or other similar terms or
expressions that concern Lumentum's expectations, strategy, plans
or intentions, in particular, statements regarding the expected
market opportunity, the expected benefits of the proposed
transaction, the proposed closing date of the transaction and
Lumentum's guidance for the third fiscal quarter of 2019, including
the effect of the proposed transaction on guidance. Lumentum's
expectations and beliefs regarding these matters may not
materialize, and actual results in future periods are subject to
risks and uncertainties that could cause actual results to differ
materially from those projected.
The forward-looking statements contained in this communication
are also subject to other risks and uncertainties, including the
risks related to our ability to complete the transaction, the
development of markets as we expect and other important factors
that could cause the results of the transaction to differ
materially, as well as those risks more fully described in our
filings with the Securities and Exchange Commission ("SEC"),
including our Annual Report on Form 10-K for the year ended
June 30, 2018 and our Quarterly
Report on Form 10-Q for the fiscal quarter ended December 29, 2018. The forward-looking statements
in this press release are based on information available to
Lumentum as of the date hereof, and Lumentum disclaims any
obligation to update any forward-looking statements, except as
required by law.
Contact
Information
|
|
|
Lumentum:
|
Investors:
|
Chris Coldren,
408-404-0606; investor.relations@lumentum.com
|
|
Jim Fanucchi,
408-404-5400; jim@darrowir.com
|
Press:
|
Greg Kaufman,
408-546-4593; media@lumentum.com
|
|
Cambridge
Industries Group:
|
Investors:
|
Anne Marie Gorman +1
(510) 479-6975; AM.Gorman@cigtech.com
|
|
Xie Chong +86 135
1101 6566; xiechong@cigtech.com
|
Press:
|
Alexander Leibovich +
1 (408) 638-4885; aleibovich@cigtech.com
|
View original
content:http://www.prnewswire.com/news-releases/lumentum-to-sell-certain-optical-transceiver-product-lines-to-cig-300806253.html
SOURCE Lumentum