CyOptics Acquiring Apogee
BREINIGSVILLE, Pa., March 20, 2007 -- CyOptics Inc., a maker of indium phosphide (InP) optical chips and components used in fiber-optic networks, today announced it is acquiring fellow InP-based device provider Apogee Photonics of Allentown, Pa. Terms of the deal were not disclosed.
Officials of both companies said merging the neighboring, privately held fiber-optic component manufacturers makes sense.
"The optoelectronics industry is continuing its consolidation and CyOptics is growing its revenue by offering our customers one-stop-shopping for best-in-class component solutions," said Ed Coringrato, CEO of CyOptics, of the merger.
"Apogee Photonics has established a leadership position in high-speed source lasers, so CyOptics is well positioned to address all of the high growth markets for optical components, including 10-Gb/s and 40-Gb/s lasers and detectors for pluggable transceivers, tunable laser transmitters for agile optical networks, lasers and detectors in broadband access networks, and photonic integrated circuits (PICs), enabling the next-generation of optical network technology," said Mike Decelle, CEO of Apogee Photonics.
Apogee Photonics was created from the July 2005 merger of ASIP and T-Networks and is a supplier to major system integrators and subsystem manufacturers. The company is developing a line of uncooled CWDM (coarse wavelength division multiplexing) EML lasers operating up to 25 Gb/s that will support the deployment of 100 Gb/E optical links, the next-generation of Ethernet data rates, Apogee said.
The combined company will reportedly keep the CyOptics name, employ approximately 415 people and generate about $80 million in annual revenue. Coringrato will remain as CEO. Officials did not say whether the merger would result in the elimination of any jobs.
The acquisition is expected to close this month. For more information, visit: www.cyoptics.com
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