SAN JOSE, Calif., March 16, 2006 -- Optical components maker Bookham Inc. has sold its Caswell, UK, manufacturing facility for $24 million but won't be leaving, as it is signing a long-term lease with the facility's new owners, Scarborough Developments, a UK-based property investment company.
The 183,000-sq-ft facility in Caswell is where the company fabricates its advanced 3-in indium phosphide semiconductor wafers. It also contains research and development, manufacturing and assembly and test areas and office space. The closing is subject to customary conditions and expected to occur by March 30, at which time Bookham will receive £13.8 million (approximately $24 million).
"With this latest transaction, Bookham will have raised approximately $101 million from a public stock offering and the sale of various assets, including this sale and leaseback of our manufacturing facility in Caswell. In addition, in January we announced actions that are expected to result in the retirement of all of Bookham's long-term debt, which further strengthens our financial position," said Giorgio Anania, Bookham president and CEO. "We believe Bookham now has one of the stronger balance sheets in the optical components market, and we plan to leverage our improved financial position to better address our growing markets."
Bookham makes optical components, modules and subsystems used in telecommunications, data communications, aerospace, industrial and military applications. For more information, visit: www.bookham.com