Uniroyal Technology Corporation Acquires Emcore's Interest In Uniroyal Optoelectronics
SARASOTA, Fla., -- Uniroyal Technology Corporation (Nasdaq: UTCI - news) announced today that its purchase of Emcore Corporation s (``Emcore ) minority ownership position in Uniroyal Optoelectronics, LLC (UOE) has been completed. As consideration, Emcore received 1,965,924 shares of Uniroyal common stock.
Howard R. Curd, Chairman and Chief Executive Officer of Uniroyal Technology Corporation, noted, ``We are very excited about the future of Uniroyal Optoelectronics and the realization of that potential should fully magnify itself as increased shareholder value through UTC s 100% ownership of this segment. At the same time, we are pleased with the confidence Emcore has shown in UTC and we look forward to a long-term relationship with them, both as an important supplier and as a shareholder.
Uniroyal Optoelectronics manufactures high brightness light emitting diodes (HB LEDs) at its facility in Tampa, Florida. Leading markets for high brightness LEDs include traffic signals, indoor/outdoor signage, and automotive applications and the exceptional brightness levels achieved in its LED products positions UOE to participate in these and other markets requiring higher brightness products. The high brightness LED market continues to show strong growth, according to Strategies Unlimited, having increased 54% to $1.2 billion in 2000.
Uniroyal Technology s Compound Semiconductors & Optoelectronics business segment includes Uniroyal Optoelectronics, Sterling Semiconductor, Inc., and NorLux Corp. Uniroyal Optoelectronics manufactures high brightness light emitting diodes (HB-LEDs), a rapidly growing market with applications such as traffic signals, indoor/outdoor signage and automotive applications. Brand names include POWER-Ga(i)N™ and POWER-BR(ite)™. Sterling Semiconductor is a leading producer of silicon carbide (SiC) substrates, epitaxial thin films on SiC substrates and is developing SiC devices for wireless communications, industrial process control, and power amplification. NorLux Corp. specializes in the design and manufacture of custom lighting solutions utilizing light emitting diodes (LEDs). Well-known brand names in Uniroyal s Coated Fabrics and Specialty Adhesives segments include NAUGAHYDE® and NAUGASOFT® in coated fabrics and, SILAPRENE®, HYDRA FAST-EN® and GUNTHER ULTRA/BOND® in adhesives.
The Company s common stock and warrants trade on the Nasdaq/NMS under the symbols UTCI and UTCIW, respectively.
For the latest news about Uniroyal Technology Corporation, call 800-836-4014.
Statements made herein that are forward-looking in nature within the meaning of the Private Securities Litigation Reform Act of 1995 are subject to risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainties include, but are not limited to, those related to business conditions and the financial strength of the various markets served by the Company, the level of spending for such products and the ability of the Company to successfully manufacture and market its products.
