JDSU Advances Separation Process & Selects Names for Two Future Companies
Today marked two key milestones for JDSU as part of the separation process that will establish two independent and publicly-traded companies:
-The company officially filed a Form 10 registration document with the U.S. Securities and Exchange Commission (SEC). This form provides a detailed outline of the company that is expected to spin off. Once approved by the SEC and pending final approval by JDSU’s board of directors, the two entities will have clearance to legally separate.
-JDSU also selected the names of both future companies – Viavi and Lumentum.
Until the separation, which is still on target for the third quarter of calendar year 2015, JDSU’s first priority will continue to be its customers, and both future companies intend to take that strong sense of customer collaboration forward with them.
Viavi Solutions Inc.
NewCo will be named Viavi. Viavi is derived from the word “via,” meaning way and “vision” and reflects the unique visibility that the future company’s solutions will deliver to help customers navigate the complex transition to next generation networks and services.
Viavi will move forward with an established track record of successful collaboration with service providers and enterprises as they continue through intense network transformation and change. The separation will also help the company continue its transition to a more software-centric focus. Viavi Solutions will include the OSP business, a leader in anti-counterfeiting solutions for currency and high-value optical solutions for security, electronics and other applications.
Tom Waechter will continue on to lead Viavi. He became president and CEO of JDSU in January 2009 after running the Communications Test business for two years.
SpinCo will be named Lumentum, derived from the word “lumen,” signaling light and “momentum,” speaking to the future company’s power and determination.
Lumentum will be a global leader in optical components and subsystems for the telecom market with growth opportunities in data communications that are being driven by cloud networking and data center build outs. Lumentum will also continue growing its commercial lasers business and focus on opportunities in 3D sensing.
Alan Lowe will lead Lumentum as CEO, after being president of the CCOP business segment at JDSU since 2008 and starting off with the company as senior vice president of Commercial Lasers in 2007.
“The creation of new brands and the Form 10 filing are important milestones as we move toward separation,” said Tom Waechter, president and chief executive officer of JDSU. “Each company will remain committed to continued innovation, and will be led by proven management teams prepared to execute growth strategies designed to help our customers successfully manage the complex opportunities that come with the ever-accelerating pace of technological change. We are creating two unique brands – both representing well-established expertise and market leadership – and positioning them with greater customer focus and agility.”
We’ve created a special web page on jdsu.com where you can check back for further updates about the separation at: