PGT, CyOptics to Merge
MILAN, Italy, and LEHIGH VALLEY, Pa., July 25, 2008 -- Pirelli Group's photonics company, PGT Photonics, will merge with privately held optical components company CyOptics, the companies announced yesterday.
As part of the deal, Italian industrial group Pirelli will receive a 30 percent stake in the new company, which is expected to have annual revenues of about $80 million. Pirelli will also contribute $20 million in cash to the new business.
The companies said the agreement combines the complementary technologies of Lehigh Valley-based...