Electronics Production |
Avanex Franche change name to 3S Photonics
Avanex announced earlier that the company had entered into a definitive agreement to sell a 90 percent interest in its French subsidiary, Avanex France S.A, including its Indium Phosphide (InP) and Gallium Arsenide (GaAs) semiconductor fabs to Global Research Company, which is owned by Alexandre Krivine.
Now Avanex France S.A. is about to change its name. Upon closing, Avanex Corporation will pay the purchasers approximately $17.3 million for anticipated working capital including accrued liabilities for past restructuring activities.
In the second quarter 2007 the transaction will be completed and Avanex France will be renamed to 3S Photonics. Avanex will maintain a development group of approximately 20 employees in France, focused on transmission products.
According to the French newspaper Les Echos, the plant in Nozay, close to Paris, initially counted 135 workers, including 115 experts in photonics.
