Tessera reorganizes, explores alternatives for imaging and optics business

Tessera Technologies (Nasdaq: TSRA; San Jose, CA, USA) announced two corporate initiatives to enhance the strategic positioning and value of its operations. First, it is forming a new group charged with developing, acquiring, and monetizing semiconductor technologies beyond packaging, to be led by Simon McElrea.

Second, Tessera said it is exploring a possible separation of its Imaging & Optics business. As part of this initiative, Tessera has retained GCA Savvian Advisors, LLC as its financial advisor to assist in the evaluation of multiple alternatives, including, among others, a spin-off transaction.

The Imaging & Optics business provides cost-effective, high-quality camera functionality in consumer electronic products through technologies that include extended depth of field (EDOF), zoom, and MEMS-based auto-focus. The company also offers custom micro-optics for semiconductor lithography, communications, medical, industrial, and other applications.

Tessera has not set a definitive timetable for completing its exploration of alternatives for the Imaging & Optics business and there is no assurance that the process will result in any transaction. The company does not expect to make further public comment regarding these matters unless a definitive agreement or other commitment for any transaction is reached.

SOURCE: Tessera

--Posted by Vision Systems Design