Multi-Fineline Electronix Inc. (M-Flex) of Anaheim, Calif., has entered into an agreement with Applied Image Group Inc. of Rochester, N.Y., to purchase the assets of its subsidiary, Applied Optics Inc., for approximately $6.3 million in cash. M-Flex will operate the unit as a wholly owned subsidiary under the name Aurora Optical Inc., retaining its employees and managing the business at its existing 45,000-sq-ft facility in Tucson, Ariz.

As a result of the purchase, M-Flex will obtain optical engineering and manufacturing capabilities that will enable it to strengthen its position in the evolving market for high-quality cameras in cell phones.