Emcore announces anticipated sale of non-strategic product lines
Alhambra, calif., aug. 08, 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 execution of a nonbinding letter of intent for the sale of the defense optoelectronics product line and all broadband segment product lines except chips to photonics foundries, inc. given this anticipated sale, emcore now expects last-time buy revenue from business lines included in our april 21, 2023 restructuring announcement to aggregate approximately $6 million, the majority of which relates to the company's chip business, and includes $1.3 million that was recognized as revenue for the three months ended june 30, 2023. it is contemplated that the portion of the remaining projected last-time buys that were previously announced by emcore will be transferred to photonics foundries if the proposed transaction is completed. the anticipated transaction does not include emcore's chip business or wafer fab assets.
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