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10 August 2012

Emcore completes business and management realignment to boost efficiency and profitability

Emcore Corp of Albuquerque, NM, USA (which makes components, subsystems and systems for the fiber-optic and solar power markets) has completed both a business and a management realignment in a company-wide restructuring that changes its corporate business and management structure.

In May, Emcore closed the sale of its Enterprise product lines to Sumitomo Electric Device Innovations USA Inc of San Jose, CA (SEDU, a subsidiary of Japan’s Sumitomo Electric Industries Ltd, or SEI). The firm has also just signed a definitive agreement that, upon closing, will consolidate its terrestrial concentrator photovoltaics (CPV) business into its joint venture Suncore Photovoltaics Technology Co Ltd. Emcore says that these two transactions mark the completion of its business realignment and allow it to focus its portfolio more effectively on areas where its technology and product solutions have strong differentiation in the marketplace. Losses from these product lines over the past four quarters were about $15m.

“In this complex market environment, it is vital to focus our business scope on those areas with the highest potential for growth and profitability,” says executive chairman Reuben Richards Jr, who describes the firm’s current business portfolio as a combination of solid sustaining businesses and high-growth areas with sought-after technology. “Emcore is determined to drive its business to achieve profitability,” he adds.

As a part of this restructuring, Richards proposed to Emcore’s board of directors to eliminate the position of executive chairman, and subsequently he will retire from this position, effective 30 September. However, he will continue to be chairman providing strategic guidance and governance oversight.

With Richards’ retirement and the firm’s focused business scope and operations, Emcore will realign its management responsibilities accordingly.

Richards joined Emcore in 1995 as chief operating officer. He took over as president & CEO in 1996, and led the firm to its initial public offering in 1997. In March 2008, he assumed the role of executive chairman and chairman of the board to help facilitate the CEO succession and transition plan. During his 17 year tenure as Emcore’s top executive, Richards has led the company’s transformation from a single-product start-up to a broad compound semiconductor technology and applications firm. Throughout his leadership, Emcore pioneered high-throughput production platform equipment — metal-organic chemical vapor deposition (MOCVD), magneto-resistive sensors, multi-junction solar cells, light-emitting diodes, epitaxial materials for high-speed electronic devices (HBTs and HEMTs), and semiconductor lasers — vertical-cavity surface-emitting lasers (VCSELs) and distributed feedback lasers (DFBs). During his tenure, Emcore has developed technologies and product solutions for many compound semiconductor devices and applications. He was also instrumental in establishing and then selling the firm’s interest in the GELcore solid-state-lighting joint venture with GE, defining the growth strategy and operational plans, and raising capital to execute the company’s business plan.

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