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 dollars.
"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.