Lumentum Holdings has completed the spinoff from JDSU and initiated operations as an independent, publicly-traded company. Formerly JDSU's Communications and Commercial Optical Product (CCOP) business segment, Lumentum commenced trading on August 4, 2015.
‘We are excited to begin our journey as an independent, publicly-traded company,’ commented Alan Lowe, Lumentum's president and chief executive officer. ‘With a more focused and agile structure, we believe that we are well positioned to capitalise on the growth opportunities in both the communications and commercial lasers markets. As an established technology and industry leader, we look forward to delivering value to our customers and shareholders.’
Following the separation, JDSU has been renamed as Viavi Solutions. ‘By operating as two independent companies, we believe Lumentum and Viavi Solutions will each be able to leverage a strong history while being more flexible and better positioned to capitalise on new opportunities in their respective markets,’ said Tom Waechter, president and chief executive officer of JDSU, and CEO-designate for Viavi Solutions. ‘We look forward to completing the final steps in this process and launching exciting, new chapters for Lumentum and Viavi Solutions.’
The distribution of Lumentum common stock on 3 August marked the completion of the formal separation of CCOP from JDSU. For every five shares of JDSU common stock held, JDSU shareholders received one share of Lumentum common stock. Shareholders also received cash in lieu of fractional shares.
Based on approximately 235.3 million shares of JDSU common stock outstanding as of 27 June 2015, a total in the region of 47.1 million shares of Lumentum common stock was distributed to shareholders and approximately 11.7 million shares retained by Viavi. Viavi stated that it is committed to liquidating these shares within three years from the closing.