Finisar Corp. Announces Acquisition of Transwave Fiber Inc.

SUNNYVALE, Calif., May 11 -- Finisar Corp., a provider of 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. Finisar had previously announced its agreement to acquire Transwave on November 21, 2000.
Established in February 2000 in Fremont, Calif., 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 of this year. 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, Calif.