Emcore sells interest in GELcore to GE

Sept. 1, 2006
SOMERSET, NJ-Emcore, a provider of compound semiconductor-based components and subsystems for the broadband, fiber optic, satellite, and solar power markets, sold its 49% interest in GELcore to the lighting operations of GE Consumer & Industrial, a division of General Electric (GE), for $100 million in cash.

SOMERSET, NJ-Emcore, a provider of compound semiconductor-based components and subsystems for the broadband, fiber optic, satellite, and solar power markets, sold its 49% interest in GELcore to the lighting operations of GE Consumer & Industrial, a division of General Electric (GE), for $100 million in cash. GE previously owned a 51% membership interest in GELcore.

The two companies formed GELcore in 1999 to address the solid-state lighting market with high brightness light emitting diode-based (HB-LED) lighting systems. GELcore’s products include traffic lights, channel letters, and other signage and display products. Emcore has accounted for its investment in GELcore using the equity method of accounting and its cumulative share of losses since GELcore’s formation through June 30, 2006 total $16.1 million. Emcore expects to realize a gain on the sale of GELcore in the range of $85 million to $90 million.

In 2005, GELcore recorded a net loss of $800,000, a decrease of $3.3 million from the $2.5 million net income recorded in 2004. For the six months ended June 30, 2006, GELcore recorded a net loss of $1.3 million.

Sponsored Recommendations

Photonics Business Moves: December 1, 2023

Dec. 1, 2023
Here are the top four photonics business moves that made headlines during the week ending December 1, 2023.

Video: December 1, 2023 Photonics Hot List

Dec. 1, 2023
In this episode, we cover how laser scanning aids advanced robotics, ultrafast lasers on the tip of a finger, and a tunable laser that controls material functionality.

Next generation tunable infrared lasers

Nov. 28, 2023
Discussion of more powerful and stable quantum cascade tunable infrared lasers, applications, and test results.

What AI demands mean for data centers

Nov. 28, 2023
The 2023 Photonics-Enabled Cloud Computing Summit assembled by Optica took an aggressive approach to calling out the limitations of today’s current technologies.

Voice your opinion!

To join the conversation, and become an exclusive member of Laser Focus World, create an account today!