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Emcore sells 60 percent to China company

Updated: Thursday, 04 Feb 2010, 1:24 PM MST
Published : Thursday, 04 Feb 2010, 1:24 PM MST

    ALBUQUERQUE - Emcore Corp. of Albuquerque has entered into an agreement for a Chinese investment company to buy a 60 percent interest in Emcore's fiber optics business.

    The agreement announced Wednesday will create a joint venture with Tangshan Caofeidian Investment Corp., located in the Hebei Province of China.

    The new joint fiber optics business will be renamed Emcore Fiber
    Optics Ltd., or EFO, and will be registered in Hong Kong.

    The Chinese company will pay Emcore about $27.8 million in cash and will provide $27 million to EFO after the deal closes.

    A news release says the new venture will focus over the next
    several years on developing a high-volume, low-cost manufacturing
    infrastructure and customer support to serve the expanding market
    in China and elsewhere.

    Copyright Associated Press, Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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