Akzo Nobel Divests Photonic Business To JDS FITEL.ARNHEM, the Netherlands--(BUSINESS WIRE)--Nov. 24, 1998--Akzo Nobel announced today that it has signed an agreement to divest the assets of the Akzo Nobel business development project Photonics to JDS See Java Desktop System. FITEL FITEL First International Telecom Inc, Canada. The divestment is in line with Akzo Nobel's strategy of concentrating on innovation which fits or enhances the company's main product market combinations. Employees and the works council have been consulted and the unions have been informed by Akzo Nobel regarding this divestment. "We are proud of the technology and products developed within Akzo Nobel and are very pleased to see that Akzo Nobel Photonics has found the best possible company to pursue the growing opportunities in optical switching" said Joop Sistermans, Executive Vice President Strategy and Technology for Akzo Nobel. "As a world leader in fiber optic communications, JDS FITEL has the market presence and product development expertise to bring this technology to commercial success. We will, naturally, continue to support JDS FITEL in their efforts." He added. Akzo Nobel Photonics is a world leader in waveguide waveguide, device that controls the propagation of an electromagnetic wave so that the wave is forced to follow a path defined by the physical structure of the guide. technology for optical switching. Using proprietary waveguide technology based on highly specialized optical polymers, the business has developed robust, compact and fast optical switches which contain no moving parts. Optical switches are a key component for a variety of optical networking applications. "The waveguide technology developed at Akzo Nobel Photonics will further strengthen our ability to address network functionality issues as optical networks continue to grow in complexity. By adding this technology to our portfolio, we will enhance our ability to address customer requirements from a multitude of technologies, further strengthening our position as a one stop shop in optical networking," said Jozef Straus, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of JDS FITEL Inc. Akzo Nobel, based in the Netherlands, serves customers throughout the world with healthcare products, coatings, chemicals and fibers. The company currently employs some 87.500 people in more than 60 countries. Consolidated sales for 1997 totaled NLG NLG The ISO 4217 currency code for the Dutch Guilder. 24.1 billion (USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 12 billion / GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 7.5 billion / EURO 10.7 billion). JDS FITEL is a Canadian high technology company that manufactures and distributes a broad range of products for the growing fiber optic communications market. The company executes its business strategy through its advanced design capabilities, proprietary manufacturing tools and processes and, in particular, its early participation in advancing market and technology trends. JDS FITEL's common shares are listed on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol JDS. Internet: http://www.akzonobel.com Note for the editor/not for publication This press release has been issued simultaneously with one of JDS FITEL of Canada at 23.30 hrs NL time. |
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