Business & Tech
CyOptics Purchased by California Company
The Breinigsville fiber-optics company is being obtained by California-based Avago Technologies for $400 million. No jobs are expected to be lost, the company said.
CyOptics, a Breinigsville-based fiber-optics company located in Tek Park, is being sold to California-based Avago Technologies of San Jose, Calif., according to a press release.
The purchase price of the privately-held company is $400 million. The acquisition was announced late last week.
"We are delighted to join Avago," said CyOptics CEO Ed Coringrato in the release. ""We believe this transaction presents tremendous opportunities for our customers and our employees."
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The release said the company employs 875 people, 335 of which are in Breinigsville.
Coringrato said in the release that no jobs will be lost due to the sale of the company.
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According to a Philly.com article, CyOptics intended to go public last year in order to raise $100 million, but those plans were ultimately dropped.
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