JDSU confirmed that its pending separation into two publicly-traded companies will occur on August 1, 2015, and that Lumentum shares to be distributed to shareholders the first trading day thereafter, August 3, 2015.
“By operating as two independent companies, we believe Lumentum and Viavi Solutions will each be able to leverage a strong history while being more flexible and better positioned to capitalize on new opportunities in their respective markets,” said Tom Waechter, president and chief executive officer of JDSU, and CEO-designate for Viavi Solutions. “We look forward to completing the final steps in this process and launching exciting, new chapters for Lumentum and Viavi Solutions.”
For every five shares of JDSU common stock held, JDSU shareholders will receive one share of Lumentum common stock. Shareholders will receive cash in lieu of fractional shares.
JDSU Companies to be Lumentum and Viavi Post-Split
Following its upcoming split into two companies, JDSU’s stand-alone Communications and Commercial Optical Products (CCOP) business segment will be called Lumentum while its Network Enablement (NE), Service Enablement (SE) and Optical Security and Performance Products (OSP) business will be named Viavi. JDSU anticipates that the split will occur by Q3 this year.
The new Lumentum brand was chosen to reflect CCOP’s leadership in optical technologies, commitment to driving innovation, and its ability to effectively address its customers’ unique requirements while scaling with quality through well-established technological and operational expertise. The company will be a global leader in optical components and subsystems for the telecommunications market, with high growth opportunities in data communications, driven by the rapid expansion of cloud networking and data center infrastructure, and in high performance lasers for both macro and micro materials processing applications. The company will be led by Alan Lowe as chief executive officer. He joined JDSU in September 2007 as senior vice president of the Lasers business and became president of JDSU’s newly formed CCOP business segment in 2008, which combined JDSU’s Optical Communications and Lasers businesses.
Viavi Solutions, which includes JDSU’s Network Enablement, Service Enablement and Optical Security and Performance Products will provide solutions for end-to-end network and application visibility from a portfolio of instruments, software and services. These solutions address its customers’ need to profitably scale to meet the demands of the fast-growing volume of connected devices and applications, and to transition to virtualized, software-based networks. In addition, Viavi’s OSP business is a leader in anti-counterfeiting solutions for currency authentication and high-value optical components and instruments for security, safety, electronics and other applications. Tom Waechter, JDSU’s current president and chief executive officer, will continue to lead Viavi. He became president and chief executive officer of JDSU in January 2009.
