Sale of Avanex France Completed, Company Renamed 3S Photonics
Avanex Corp. of Freemont, Calif., a provider of photonic solutions for fiber-optic communications, announced yesterday that it has completed the sale of its French subsidiary, Avanex France SA (formerly Alcatel Optronics), to its director, Didier Sauvage, and Global Research Co., owned by Alexandre Krivine. (See Avanex Divests Opto Fabs ) Avanex Corp. paid the buyers $17.3 million in anticipated operating capital, including liabilities for previous restructuring activities, and keeps a 10 percent interest in Avanex France SA, including its optoelectronic chip production plant in Nozay, which makes both indium phosphide (InP) and gallium arsenide (GaAs) semiconductor wafers. Based in Marcoussis, Avanex France makes optical modules and components for telecommunications networks and has more than 100 employees. At the closing, the company's name was changed to 3S Photonics, Sauvage was appointed chief operating officer and Krivine, the company's main shareholder, was named president and CEO. Other new officers named were Yannick Bailly as vice president of marketing, Michel Privat as vice president of sales and Etienne Barbry as vice president of finance. The company is forecasting 2007 sales of $36 million.