SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) October 9, 2003
EMCORE CORPORATION
(Exact name of registrant as specified in charter)
New Jersey 0-22175 22-2746503
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State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation
145 Belmont Drive, Somerset, New Jersey 08873
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(Address of principal offices) (Zip Code)
Registrant's telephone number including area code (732) 271-9090
(Former name or former address, if changed since last report) NOT APPLICABLE
Item 5. OTHER EVENTS
On October 9, 2003, EMCORE Corporation issued the Press Release annexed hereto
as Exhibit 99.1.
-2-
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
EMCORE CORPORATION
(Registrant)
By: /s/ Thomas G. Werthan
-----------------------------------
Thomas G. Werthan
Chief Financial Officer
Dated: October 9, 2003
EMCORE Corporation Acquires Molex Incorporated's 10 Gigabit Ethernet Transceiver
Business
EMCORE Expands its Product Portfolio of 10 Gigabit Transceivers for Legacy Fiber
SOMERSET, N.J., October 9, 2003 - EMCORE Corporation (Nasdaq: EMKR), a leading
provider of semiconductor technologies for global communications, announced
today that it has acquired Molex Incorporated's 10 Gigabit (10G) Ethernet
transceiver business.
The transaction includes assets, products, technology and intellectual property
related to Molex's 10G Ethernet transceiver business, which is primarily focused
on Xenpak and X2 form factor products, and is currently located in Downers
Grove, Illinois. As part of the agreement, approximately 17 Molex employees will
join EMCORE. The business will become a part of EMCORE's Fiber Optics division
and will initially continue to operate in a portion of Molex's Downers Grove
facility to be leased by EMCORE.
The 10G Ethernet market is expected to expand significantly in the near term.
Tom Hausken, Director of Optical Components at Strategies Unlimited, a market
research firm, expects the market for 10G transceivers operating at 1310 nm to
grow 66% per year, to over $380 million by 2007. According to Dr. Hausken, "Most
of these transceivers will be installed into shorter links, where Emcore's
products are used, rather than the long haul links we often hear about."
"We are very excited about this acquisition and the growth opportunities it
creates for our Company," said Reuben F. Richards, Jr., President and CEO of
EMCORE Corporation. "We believe that this acquisition puts Emcore at the
forefront of transceiver technology for 10 Gigabit Ethernet. Molex's 10G
Ethernet transceiver product complements EMCORE's internal capabilities and
strategy for growing its fiber optics business and gives EMCORE a significant
competitive advantage and the most complete 10G Ethernet transceiver product
portfolio."
"We are pleased to have completed the sale of our 10G Ethernet transceiver
business as planned," said Michael Nauman, President of Molex's Fiber Optics
Division. "We are impressed with Emcore's expertise and commitment in the
growing 10G Ethernet space and chose to sell the business to them accordingly.
Our 10G Ethernet team looks forward to joining Emcore and to smoothly
transitioning the product line to the market. We believe the business is now
well poised for success with the Emcore team."
EMCORE management will discuss the acquisition further in conjunction with the
Company's fiscal 2003 results to be released after market on Wednesday, November
12, 2003, and a conference call scheduled the following morning, November 13,
2003 at 9:00 a.m. eastern time.
About EMCORE Corporation:
EMCORE Corporation offers a broad portfolio of compound semiconductor products
for the broadband, wireless communications and solid state lighting markets. The
Company's integrated solutions philosophy embodies state of the art technology,
material science expertise and a shared vision of our customer's goals and
objectives to be leaders and pioneers in the rapidly growing world of compound
semiconductors. EMCORE's solutions include: optical components for high speed
data and telecommunications; solar cells for global satellite communications;
electronic materials for wireless telephones; MOCVD tools for the growth of
GaAs, AlGaAs, InP, InGaP, InGaAlP, InGaAsP, GaN, InGaN, AlGaN, and SiC epitaxial
materials used in numerous applications, including data and telecommunications
modules, cellular telephones, solar cells and high brightness LEDs. For further
information about EMCORE, visit http://www.emcore.com.
The information provided herein may include forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934 relating to future events that involve risks and
uncertainties. Words such as "expects," "anticipates," "intends," "plans,"
"believes," and "estimates," and variations of these words and similar
expressions, identify these forward-looking statements. Actual operating results
may differ materially from such forward-looking statements and are subject to
certain risks, including risks arising
from: difficulties encountered in integrating Molex's operations, the benefits
expected to be received by EMCORE and its customers from the acquisition,
cancellations, rescheduling or delays in product shipments; manufacturing
capacity constraints; lengthy sales and qualification cycles; difficulties in
the production process; changes in semiconductor industry growth, increased
competition, delays in developing and commercializing new products, and other
factors described in EMCORE's filings with the Securities and Exchange
Commission. The forward-looking statements contained in this news release are
made as of the date hereof and EMCORE does not assume any obligation to update
the reasons why actual results could differ materially from those projected in
the forward-looking statements.