JDSU has taken an important step towards the separation of its business into two independent and publicly-traded companies - by filing a Form 10 registration document with the US Securities and Exchange Commission (SEC).
JDSU also revealed the names of both future companies – Viavi and Lumentum.
The Form 10 provides a detailed outline of the company that is expected to spin off and the process to be followed. Once approved by the SEC and pending final approval by JDSU’s board of directors, the two entities will have clearance to legally separate.
The communications test business, previously referred to as NewCo, will be named Viavi Solutions. JDSU says the name is derived from the word “via,” meaning way and “vision” and reflects the unique visibility that the future company’s products provide to help customers navigate the complex transition to next-generation networks and services.
The test business will continue its evolution to a more software-centric focus as telecom vendors embrace software-defined networking (SDN). Viavi will also include the so-called OSP business, which provides anti-counterfeiting and other optical-based security products.
Tom Waechter, who became president and CEO of JDSU in 2009, will continue on to lead Viavi.
The Communications and Commercial Optical Products (CCOP) business, until now referred to as SpinCo, will be called Lumentum and trade under the ticker symbol ‘LITE’. The name is derived from the words “lumen” for light and “momentum,” which JDSU hopes will invoke a sense of power and determination.
Lumentum will address the telecom market with its optical components and subsystems while pursuing opportunities in data communications driven by cloud networking and data centre build outs. The commercial lasers and 3D sensing businesses will also be part of Lumentum.
Alan Lowe will lead Lumentum as its CEO, having been president of the CCOP business segment at JDSU since 2008.
“The creation of new brands and the Form 10 filing are important milestones as we move toward separation,” said Waechter. “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.”
After the separation current JDSU stockholders will own shares in both corporations.
The separation is on target for completion by September 2015, the company says. Until then JDSU insists that it is business as usual for its customers.