ALHAMBRA, CA, Oct. 12, 2023 (GLOBE NEWSWIRE) — EMCORE Corporation (Nasdaq: EMKR), the world’s largest independent provider of inertial navigation solutions to the aerospace and defense industry, announced today the completion of the sale of Broadband segment product lines and its Defense Optoelectronics products to Ortel LLC, a wholly-owned subsidiary of Photonics Foundries, Inc. The Broadband lines include the Company’s cable TV, wireless, and sensing products. The transaction excludes the Company’s Chips business, wafer fabrication facilities, and all assets not primarily related to the product lines that were sold.
Photonics Foundries has acquired the Broadband and Defense Optoelectronics assets from EMCORE Corporation. The deal has formally closed on October 11, 2023.
The new company will be referred to as ORTEL, A Photonics Foundries Enterprise. This is a nod to the long history of the technology acquired.
Many familiar faces will be joining Ortel including in Sales and Marketing, Engineering, Manufacturing and Supply Chain. It is our intention to be as seamless as possible as we transition to Ortel.
Ortel has acquired the IP for all of the technology currently in the Broadband and Defense Opto product groups.
We fully intend to continue to innovate and build upon the foundational technology that has made these products such mainstays within the industry.
By being part of Photonics Foundries, many new products and services will be offered as part of Ortel. As Photonics Foundries continues to build out its portfolio we are excited to add such offerings as factory services, logistics, higher levels of integration of our optical devices etc. As our portfolio builds we will keep all of you informed.
In the coming weeks the team will be hard at work re starting the engine. Our goal is to come back stronger than before.
Nat Mani, CEO and Managing Partner of Photonics Foundries, Inc. stated, “We’re very excited to acquire EMCORE’s Broadband and Defense Optoelectronics business units. The team is incredibly pleased about the relaunch of the Ortel brand and the opportunity to continue its market-leading reputation as a premier optical technology leader in linear optics, RF over fiber, narrow bandwidth lasers, and complex sensing applications. We look forward to providing customers with supply continuity and further innovation with a seamless transition of both people and technology for many years to come.”